Charts - Monday 16th February

by 22:48 0 comments
Certainly one of the more frustrating days i've had this year. Actually, down right annoyance would be a better way of putting it. I know I should be less emotional but it's more with myself than anything else. Plus the market getting one up on me once again!

So I'll start with the first trade of the week - a loss. It made sense at the time. It even fit all the rules, bar one. Which I overlooked.

1. High volume bar this morning, as it was intersecting the 50% of Friday's high volume zone and the low was pretty much at the same price I was originally looking for a short from this area. The first red circle was the best opportunity to get in but as the MA was pretty much flat I decided to leave it. - Mistake 1. It moved 20pips which was more than enough to get my usual target on the trade.

2. A further high volume zone printed on the way down, with almost equal volume as this morning. Mistake 2 was thinking this would have more strength to outdo the bar from a couple of hours before, as well as the high volume zone from Friday. Mistake 3 was entering a trade right at the low of 1 / 50% of Friday. Dumb ass.

It idled along for ages before eventually stopping. I should have realised a lot sooner and closed it out but I held it, admittedly with a bit of fear creeping in. Have to stamp that out straight away.

The further two red circles are the really good entries of the day. Unfortunately I started work at 4 so I missed the first one. By the time I had my laptop up in work I was just in time to take the last one but I didn't.

Here's a bigger picture of the P&F chart.


All in all, a day full of mistakes. One to take (yet some more) lessons from and another to move on from.

I'll get there eventually!





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


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