(-200 x 2) week21 GBPAUD my mistake: mindtrap of AUD bulls AUDCAD , AUDUSD

Once in a while, I had to surrender what I hv won due to greed. half my profits in week20 was slashed by opening of week21 after I have failed to exit jump trades on week20 due to greed. My only consolation was these jump trade were smaller in pos.

However, another bigger issue that I will like to draw concern to , and reflect on will be to recognize mental mindtraps and work towards rectifying and take action on it.

This mindtrap of concern now is :

Seeing the obvious but not trading it

This is so because of existin AUD bulls position that was in , that made shorting AUDCAD n AUDSGD difficult.

However this could also be one of the market observation that I hv slowly come to comprehend over the years, that:

when a currency weakens, its weakness may be more apparent in 1 pair than another.

they can be detected by speed of reversal pattern formation.

Mindtrap 1 : AUDCAD D1 shooting star

The weakness of AUD had already been shown abt 2 weeks ago, but it was only until last wed that this shooting star paved the way for AUD bears.
At this stage it would have been a short for audcad but audusd could still see difficulties in trying to go long.

week21 AUDCAD shooting star mindtrap of aud bulls 210514

Mindtrap2: AUDSGD WR2B with suspicion of s3b4

IN this scenario the obvious has been done; a Wr2B is completed, confluencing with the idea of a s3b4 based on ED channel.
This is sufficent warning to get out on AUD bulls by EOD monday. but yet i hv still held on to jump trades in GBPAUD.

week21 AUDSGD wr2b mindtrap 210514

I will have to take this as a good lesson in getting me to continue to move fwd. Everyday I learn something new and I strive to improve everyday.

edited 251214

1.My current conclusion will be that to trade and see each pair as an individual and not to get correlated too much.

Because the dynamics of a pair is affected by 2 ccy. Even though AUD may not move it may be temporarily weakened by other sentiment of other pairs, so:


2.Also, downsizing a pair and not putting all hopes / all eggs in one basket will be a better way for me to overcome bad entries n missing out on other currencies. End of day, I could be in profits with one moving pair while the other pair stay stagnant.

So diversification of pair, and batching in positions will be key.


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