Hearing that I have been applying my trading edge incorrectly from my mentors came with some doubt. Especially since this is how I decided to trade for so long. But if I am to achieve my goals then I cannot allow myself to trade knowing Its not the best.
Nonetheless today was a particular day which I successfully and patiently executed a trade on EURUSD.
However there were fundamental flaws in how I setup that trade. First off, I didn't solidify that terms of the trade with a stop loss or take profit. Embarrassing to admit.
Second, I committed to the trade before conducting and publishing some form of pre-analysis. Without that important piece in the trading process I have now lost half there is to learn on this trade.
Lastly, I took the trade without calculating my position size.
There were some great things about this trade on the other hand. Aforementioned, giving my self time to watch this trade develop.
Exiting a buy position and cutting my losses early at -174.00 USD turning this in to a green day.
Waiting for my confirmations, today we had a double top AND a breach. Shortly there after a range presented itself. I could see larger players were beginning to stack there orders at this point.
Another market condition which served to further confirm we were heading towards a sellers market was the fact that upon reaching support there was no reaction from that the buyers side. meaning they are no longer interested in the current price.
We were also in the correct timeframe and all news events pointed towards a weaker EURO and a STRONG dollar.
looking back on it now I believe that when prices fell after that double top it caused me to want to follow up as to why. then figuring out if the movement would continue.
Im going to be taking profit on one of the two positions since we are approaching yesterdays low. The second position will remain open overnight with a stop loss set for 1.16085.
Cheers,
Nonetheless today was a particular day which I successfully and patiently executed a trade on EURUSD.
However there were fundamental flaws in how I setup that trade. First off, I didn't solidify that terms of the trade with a stop loss or take profit. Embarrassing to admit.
Second, I committed to the trade before conducting and publishing some form of pre-analysis. Without that important piece in the trading process I have now lost half there is to learn on this trade.
Lastly, I took the trade without calculating my position size.
There were some great things about this trade on the other hand. Aforementioned, giving my self time to watch this trade develop.
Exiting a buy position and cutting my losses early at -174.00 USD turning this in to a green day.
Waiting for my confirmations, today we had a double top AND a breach. Shortly there after a range presented itself. I could see larger players were beginning to stack there orders at this point.
Another market condition which served to further confirm we were heading towards a sellers market was the fact that upon reaching support there was no reaction from that the buyers side. meaning they are no longer interested in the current price.
We were also in the correct timeframe and all news events pointed towards a weaker EURO and a STRONG dollar.
looking back on it now I believe that when prices fell after that double top it caused me to want to follow up as to why. then figuring out if the movement would continue.
Im going to be taking profit on one of the two positions since we are approaching yesterdays low. The second position will remain open overnight with a stop loss set for 1.16085.
Cheers,