Not following the momentum will have its consequences.
It is ALWAYS about following the path of least resistance in h1. Whenever I preempt the turn in h1, more times I am wrong rather than right.
Hence I will need to structure my thoughts to try to get in on smooth h1 momentum rather than preempt their turn.
At the very least, let a very strong opposing day close be confirmed before I decide to play reversal.
EURCAD h1 -120
I did see a small hns of sort. But is that enough to say that it is turning? Do note that I do see that it is happening at a 2 x MY levels, so some jsutifiation there. But losing 120 pips for a reversal play, is not good.
I believe waiting for a bearish day close is a better better to confirm my suspicion.
This is the correct direction that I have taken and I reaped the reward of getting pips for it. I have followed my protocols correctly and following the bullish momentum is the way to go for. Btm of bullish price channel , D1LC.
It is right that I have a go at this.
USDJPY h1 (-170)
News dont mean a thing. It only means how we interpret news. My trend is right, but the momentum was wrong.
I also engaged a trade not based on MY levels. My fault, my greed. I have also learnt it this way n keep drilling until it goes to my head.
Everyday there will be movement. But not everytime I can enter at the right price. So I need to be patient.
this trade i did without much testing.
Breaking off the reversal channel is not following the momentum. only following the trend. Which does not give as high probability.
On hindsight, When I put on a trade like this,
I expected :
1) My Support level is damn strong
2) I expected the reversal channel to materialize
3) I bought on the high, in a reversal situation, with no momentum
Doing 3) puts me on a disadvantage in the case where trade turns sour, i got less space to escape.
At the end of the day, I believe I have put in effort tp journal down my trades, but I always have this feeling I am still not focused enough when it comes to putting in the trade. I still can do better, I still can be more focused. There are better ways to do things.