Midweek Update - Wednesday 25th March

by 17:51 0 comments
Where do I start?

Oh yeah.

This week has been shite.

I didn't take any trades on Monday, took two on Tuesday and took two today. All of which have turned out to be losses. Some rookie mistakes, some that I thought were good and last but not least, let's not forget the rule breakers. Sigh.

My head just hasn't been in it I guess. In the process, i've managed to wipe out the vast majority of my profit for the month. Now, there are a four trading days left in the month of March. Thursday 26th and Friday 27th of this week as well as Monday 30th and Tuesday 31st next week. I plan to get my head down and make my monthly figures that bit more respectable.

For now, i'll post the charts for the trades I took. More for memory sake than anything else.

Tuesday - EURUSD Buy 1
Buy 1 - I'd probably take this trade again. Price reacted to the volume that came in at 2 but then proceeded to bounce off the high of 1. I took an entry as it broke through the 50%. It unfortunately just missed 1:1, which would have brought me to BE. That's just the way it goes.

Tuesday - EURUSD Buy 2
Buy 2 - Similar entry as buy 1 but I took it not long before the CPI announcement. Dumbass. 

Don't trade before news!

Wednesday - EURUSD Sell 1
Sell 1 - At the time I though this was a good entry. Looking again. Not so much. The massive volume from the CPI announcement is at 1. This is clearly weakness. Price pushed back up into this zone before printing volume zone 2 with some EU news this morning. I thought the reaction to this bar was poor and didn't confirm any strength. Price was below the MA but was still in an up trend. Took the entry and it bounced off the trend channel and pushed straight up to my stop.

All the stars must align, not some of them!

Wednesday - EURUSD Sell 2
Sell 2 - I'm happy with this entry but it just didn't work for me. 12:30 US news rejected the high of the CPI zone. MA is down, entry is under the MA. Trend channel is down and price was in the middle of the channel. Price is also below the CPI 50% and low of the latest news zone (2). This ticks all the boxes, it just didn't work out.

The only thing I can think of is that the red zone in the chart below is really strong and supporting price at this area.

EURUSD Red zone support



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


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