(-10) week5 XAUUSD h1 countertrend is the timing ripe and good for entry?


After hitting the w1 R of 1300 , price seemed to do a Double Top.

I entered 2 positions on the break of neckline, and set my SL if it closes above the neckline.

However, I seemed to have shorted into a channel TL.

week5 XAUUSD h1 divergence 260115


Got stopped out for this trade. I have placed a Tight SL instead of Placing it above the Double Top.
Also, I believed I shorted into support and this should not be so especially on a countertrend setup, which was not proven true as the channel has not been broken.

What I have to do next time is to either trade at MYlevels, or await bearish day expansion for reentry.
This is a case of premature entry for countertrend plays.

week5 XAUUSD -10 cut loss 280115

edited 310115

Another case of right direction , wrong timing. It is especially harder to get it right for countertrend trades.
Another issue will be the slower duration of trades as price dont often impulse move similar to trending trades.

week5 XAUUSD h1 right direction wrong timing 310115


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s