A trade gone wrong
The trapped traders signal which had been developed recently does not always guarantee immediate momvement after previous day close.
This trade was a poor combination of “all-in” & greed which resulted from a decent win to a huge loss, that marred the performance for week29.
I had staked in a large position, after seeing some strong signals appearing at the close of wednesday.
Shorted immediately after trapped traders signal shown. Larger position cussed more anxiety.
h1 trade outcome
Emotions became involved in the trade when large postions was involved. I actually had the chance to book profits but I did not. When it became break even I was unwilling to exit, because in my mind i was not willing to give up the paper gains that i made. So price started moving against my direction. I made a manual cut just right at the top, only for the next day to turn back to its original price.
My take away for this trade would be
1) manage pos size. Sometimes desperation drives pple to do silly things
2)If it is big size trades, be nimble and be willing to exit on slightest of change in the market.
After monday’s gap down which ended up as a bullish day close, I was convinced that price would be heading up after a major 1234 up had been completed.
I was convinced to long.
However the nature of this type of close was awkward, and it actually closed right at the top of line chart resistance.
On hindsight, it would have been good to avoid this trade, but who knows? Anyway the h1/h4 did not really show any signs of turning, so that was the 2nd clue that it was resisted.
I took a loss and it set week27 back.
awesome understanding of the trend and momentum. Price had closed strongly above 5 weeks high. I set a buy limit at 100.01 to capitalize on the reactionary move.
indeed I was filled. I was filled in the afternoon, where the first half of the day price plunged but it was still early, the day still had half a session to be completed. I was right, within 5 hours price rallied 90 pips from 100.00. However I had failed to book profits, and the next day a sudden plunge wiped out all my profits.
My takeaway from now is to be focused, every 100 pips or or $$ bin bulk, I will just book profits, and gradually book my profits.
After so many years of struggles, finally come to understand the finer points in price movement.
Ultimately, the easiest trads had always been the trending trades , H4T , with entries that seek to rejoin the trend by playing the reversal on lower timeframe.
It is always about conditioning the mind to rejoin these type of trends.
Here is one trade which i had missed.
I need to kick out this bad habit of preempt a right shoulder and random entry to play towards the right shoulder, when there is absolutely no obligation for the right shoulder to be nicely formed.
Eventually price completed a multiday day bulltrap and a bearflag as well, flushing out my longs.
THis is the type of bad setup, bad entry and bad trade that I should not be repeating in the future.
Missed this hell of a good swing at GBPAUD h4T. Reason was I was vested in Euraud shorts at the early part of week.
My EURAUD mistake.
got it wrong for continuous 2 weeks.
Different issues each time, each the result of both wrongful timing and wrongful direction.
Another reason was becoming too cocky with my previous trade bias.
Eventually this h4 hns did not materialize. My plan was to load up on bearish day expansion below the neckline. But it did not happen. Because of my hastiness in entry, I shorted into support.
At the end of the day, WR n macd divergences with MYlevels are what gives me the winners. Stick to them.
trades like these are what sets the account growth back. My rule for these would be
not to do it if possible.
It is worst when larger than usual pos are entered for these kind of breakout trades.
Enlarged position should be for other A grade trades, not these kind!