Started the week with a good plan of what to do.
Came out with this bias on monday. My tendency is that the first analysis is always right, in the middle, I tend to mess up things by being fickle-minded. Note to self will be that for an analysis, there should only be one mode of entry.
This analysis presented only a long situation.
Outcome : unforced error
I did well to be able to identify that GBPAUD has come to a strong support,and that current setup favours proposition of bullish countertrend play rather than, a continuation of bearish downmove.
In this aspect, I did well as compared to previous times where I would still stubbornly look for levels to short from.
Yet, I also need to be aware that I am still lacking in skills to have a very good entry point that allows immediate movement.
1) To overcome this, I must exercise restrain. Not to jump head on without seeing a CLEAR bull/bear trap first.
2) Wait for best price, especially on big pips pair such as GBPNZD , GBPAUD , GBPCAD etc.
Patience, Patience , Patience.
3) I also need to be steadfast. In the case of flipping to short. I was too hasty. It was truly a bad habit which i had no idea where I ahd acquired it from, but one which was developed overtime. To flip short, I will need to wait for an expansion first.
My most reliable technique is to
“BUY ON DIPS, SELL ON RALLIES”
via flags pattern.