Charts - Tuesday 17th & Wednesday 18th March

by Liam 17:32 0 comments EURUSD

What a crap start to the week. I'm writing this post just before FOMC on Wednesday evening. I didn't take any trades today and yesterday the luck of the Irish certainly wasn't with me. (I'm sorry, I had to.)

I took two trades yesterday, both of which were full stops. -2.09% total.

On to trade 1.

EURUSD

I don't really have a lot to say about this trade. When I was entering it, I felt it was a good position. Friday's high volume zone is at 1 and there's the high volume which printed at bar 2. Price reacted downwards to bar 2 and broke out of the low of bar 1 on a triple bottom sell (circled in green). I took this as my entry as I felt the trend had changed. I'd probably take this again but it just didn't work out. It was a pretty choppy day.

Trade 2 on the other hand is a trade I definitely shouldn't have taken. I spoke about this type of trade in Monday's post.

EURUSD

It's quite similar to the first trade as i'm shorting from bar 2. But this time it is again above the 50% of bar 1. This has higher volume so it takes precedence. I should not have shorted into the 50%. I did and it stopped pretty much bang on before turning and heading north.

I'm really disappointed with this entry as I simply wasn't paying enough attention.

I removed zone 2 on Wednesday morning as it was pretty much contained within Friday's zone so I decided to clean up the chart a bit.

At the end of last week I was 1 trade away from hitting my monthly target. I'm going to need a very good finish to the month to achieve this now. My focus has now shifted slightly to achieving a profitable month in which I make no more mistakes.

I placed two orders throughout Wednesday that didn't trigger. I'm happy in that I stayed disciplined and stuck to my rules. FOMC will give me a nice volume zone that will A. clean up the chart a bit and B. give me something to work with for Thursday and Friday.

Cheers,

Liam