Charts - Thursday 26th March

by 11:38 0 comments
Yesterday (Thursday) and today have been really up and down.

I took three trades on Thursday. A win, a break even and a loss.

The win was a good one, bringing in +3.59%. I then lost 1.12% with the final trade of the day.

Despite finishing the day with a gain of 2.43% I was still incredibly disappointed with that outcome and the day as a whole.

I have got to start getting a better handle of my emotions and self sabotage that seems to have really crept in recently. Otherwise the work i've put in and good start to the year will quickly unravel.

The first entry is annotated on the P&F chart above. Price reacted nice and quickly to this signal and I was at BE in a relatively short amount of time. I had already deviated from my usual target taking and set a target of the high of the CPI zone (marked target 1). Two reasons, 1. I'd had a crap start to the week and 2. I felt that if it pushed through the orange and green 100% that it had an unobstructed ride up to the high. Which was exactly the case. If this idea had failed I would've been at BE and no harm done.

Seeing as I was already at BE on the first trade and had no risk, I decided to take the second entry that arose. This, unfortunately, is where I got greedy. Instead of using my usual target (marked at the high) I decided to extend way beyond the CPI high as I thought it would push through. I should've paid more attention to the high volume that came in and the initial reaction. Unfortunately this second trade ended up closing at BE. If i'd set the target at the high it would've covered my losses and brought me into profit for the week. Which would've been a huge win.


To rub further salt in the wounds, I decided to take a sell later in the day. I took the above screenshot just after I was stopped. It pushed up a little further before reversing and pushing down in the evening. Frustrating to be stopped out by a few pips only to have it push down. To use a well known phrase, this past two weeks, I seem to be a day late and a dollar short. There, but not quite there.

Friday hasn't started much better, with another loss this morning. I'll put that in a separate post to sum up the week at the end of the day.





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


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