4 day bear trap and wr2b
it was 6am when i was up and noticed the 4 day bear trap. However i did not enter and lost out on 60 pips.
thereafter wr2b came at 9am close and i entered at that time.
on d1 , price also supported by tx d1 Blue Box
this is not the best of setup, but this is the type of setups that i have been trading for the past year. not the A trade setup, but most of the time if I am not greedy, trade is likely to reach target level.
GBPAUD h4 cut loss -35 x 2
I manually pulled out of the ctt longs after a bearish h4 candlestick. In summary, I was trying to front run the market, which i should not have.
On few reasons:
1) yes , although there was the presence of WR2B and multi days bull traps, there was no key support to be found.
2) I did not seek to minimize pip risk by trying to get price when it tried to retrace.
3) With all these aspects pointing to a poorly crafted counter trend trade, I should have waited for at least a h1 bullish expansion before deciding to trade for long. At least a prior upflow first.
I need to be aware of this mindtrap, which comes especially after a fluid n flowing early week with most counters moving. This impression tend to linger on and may affect subsequent trades, luring the mind into thinking that whatever trades taken will move fast n furious.
In my euphoria, I have also forgotten to minimize pip risk of counter trend trades.
The positives which I had done in these trades was early exit with some pip loss and a reduced position for counter trend trades.