Wednesday 11th April

by 08:41 0 comments
Bit late with this update, took two trades yesterday which resulted in another two losses. A sell on both EU and Oil.

I'm actually ok with the EU trade, i'd take it again, the difference being, next time when i'm given a reason to get out I should take it. Instead of holding on and hoping.

We had our highest volume 15min zone above us at the time as well as a zone from the day before. We had tow rejections of the high of today's zone and printed a ND. Things got a little weird on the next two bars as I was taken in and whipped around, I think this was some sort of news announcement, nothing that was scheduled but something else. Either way, the PA was a little out of the ordinary, if I dare use that term to describe the markets.

The bar after the ND was my sign to get out, it bounced from the same area as the previous swing low (as well as two other fib areas) and closed well on it's highs with decent buying volume. Holding on to this position was borderline idiotic. But there we go. Another lesson!

EUR/USD 5min

The Oil trade was just me taking the wrong trade at the wrong time. Not taking in the bigger picture. We printed a high volume 15min zone at NYSE open. This crossed a fib from the day before so I thought we had enough weakness. In reality, on the 15min the next bar was up and the following down bar was on one of the lowest volumes of the day - no selling pressure. The ND that I entered on the 5min made up part of this no selling pressure on the 15min. I should have waited for PA to get below the 50% of today's fib before entering or looking for a trade. It bounced from this 50% and headed north.

Oil 5min

Now, time to attack the charts for today!





28. Forex. Trading. Music. Beer. Food. Travel.


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