Wednesday 6th June

by Liam 09:34 0 comments

So, after taking the two UK bank holidays off from trading I got my week started with a loss on EUR/USD. Long term I was right but got in a little early and was stopped out before the move happened.

EUR/USD 5min

I've marked three different No Demand on the chart. The first one was the bar I should have entered on, but thought about it for too long. With an entry here my stop would've been above the previous high and therefore safe. ND2 was the bar I entered on, with my stop above the 50%. ND3 was another entry short that was mentioned to me, but with the close above the fib i'm not sure I would have taken it.

It was pointed out to me that the ND I entered on was a little bit in no man's land. Half way between the fib low and a previous fib high from the day before. I should have waited for it to be closer to or on the fib low. I was a little ambitious to get into the trade and should have waited for a slightly better entry. 

Losses are a part of the game, I completely get that and for the most part am ok with it too. But what grates with me is missing/bottling/psyching myself out of 4,5,6,7 or 8 good set ups in a row, all which would have brought a good profit and then when I do pull the trigger, I take a loss. I'd be fine with the loss if it came on the back of a good run of trades. That'd be a lot easier to manage! So that's something I'm thinking about a bit after yesterday's trade.

Anywho, on to today. Not a lot happening so far anyway.

Cheers,

Liam