attempted to do a news trading on Wed for CAD but it was a botched attempt, did not catch Eurcad and decided for CADCHF short
settled for this.
cadchf h1 trade outcome
while the bias was not good, not that this was exacerbated when the entry price was bad, as i long right at the top. This is one negative action that I had an inert desire to long when i saw a full white bar. It gets me excited that price might be moving up SOON and I do not wish to be left out. But more often that not, and in almost every situation I will actually end up longing at the end and then the candle did not close as it was when i was looking at it!
So this is a bad habit that I must look to get rid off next week. In order to do this, I must learn to be counter-intuitive. Long on black bar , short on white bar.
USDCAD h1 good cut
Why did I allow myself to enter before the key news on friday? I had alrdy known this on thursday, but it was because i saw a similar trade idea on the fb group that I got excited n not followed the plan. So one mistake compounded on the other mistake, and let to an early entry into risk. Rmbr, I wanted to short only when strong momentum presents, or if not at least when the setup has been completed.
I must also work on the counter-intuitive idea of short on white , not short on black.
Eventually , did manage to steal some pips back after getting exiting of USDCAD.
I turned to short CADCHF for about 5 pips, which I felt it was tooooo little.
Coming back to this, I totally agreed with what I had felt earlier on:
that triggerpoint just fcuked Q3 up for me by erroneous usage of channel.
End of day, I still need to respect the trend, incorporating macd to help me see the big picture trend instead of blindly fighting it.
The RRR of triggerpoint is also ridiculously low that I can only rely on my own entry to rejoin the trend.
Do not fight the flow.
Follow the path of least resistance.