Self Sabotage

by 16:01 0 comments
I'm not particularly happy with myself for the goings on on Friday. I feel it's important to address though. So here goes.

I've been pretty happy with how i've been doing the last few weeks, taking a few trades and dealing with the emotions, psych and everything else that goes with it. I've taken some good entries and learnt from the trades that i've made mistakes.

As I said in the last post I entered long at 1.3010 on Thursday and held it over night, it didn't get stopped and I woke up with it in profit. Over the course of the day it was moving around quite a bit and I made the decision to close it on a further down move in the evening. My volume analysis at this point was right and we pushed down further.

 EUR/USD 1hr PnF

With regards to point and figure, I should not have closed, we hadn't triggered the next sell signal so I should have held the position. This occurred to me after closing so I chased it. Went long again and it dipped lower, I panicked and got out.  Got angry and frustrated myself so I walked away and left the computer. Mistakes made.

Came back later to see it up and what would have been in profit again.

Anyway, learnt my lesson more than ever. I want to throw up some volume charts to show my thought process for closing the first trade.

 EUR/USD 15min

There are four zones on the chart but I want to concentrate on the Friday zones mainly. We had the first selling bar on Friday morning, once we broke the low of this bar/zone I decided to close it. We pushed down and found some more demand which pushed up to the highs again. Some further selling came in and we drifted for the rest of the day before a push down before the close. Ideally, i'd still be in the trade and the PnF chart shows a potential triple top buy signal for Monday if we push up to the 3020 / 3030 area. That 3060 target is still on the cards in my opinion.

I was hoping to be able to say that this was my first profitable month since March this year, unfortunately due to Friday, this wasn't the case! 

I've set myself a target for Christmas. I'll let you all know later if I hit it or not!





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


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