-61.8 retracement followed by another 4H candle rejection.
-Candle test from 128.900 HL swing.
Trade closed manually
Comment:
(Journal) Again in relation to the GBPUSD trade, despite price moving a little bit higher and closing manually to bag next to nothing. The 4H chart suggests price moving down, there is no shift in momentum where bulls outweigh bears.
I believe this idea was poorly analysed, the rectangular zone that I placed as resistance clearly shows price tested that area rather than pushing above to suggest a shift in momentum; creating a new high. Instead, the market pushed through my daily support, as well as this, the exchange rate is below the 200 EMA.
With so much confirmation of a bearish push, I haven't a clue why I decided to trade long.
Furthermore, the UK isn't exactly in the best conditions with the Brexit deal, so naturally the overall state of price is weak.
I'm not doubting my abilities, just being critical of my trades so I can improve on the next ones.
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I believe this idea was poorly analysed, the rectangular zone that I placed as resistance clearly shows price tested that area rather than pushing above to suggest a shift in momentum; creating a new high. Instead, the market pushed through my daily support, as well as this, the exchange rate is below the 200 EMA.
With so much confirmation of a bearish push, I haven't a clue why I decided to trade long.
Furthermore, the UK isn't exactly in the best conditions with the Brexit deal, so naturally the overall state of price is weak.
I'm not doubting my abilities, just being critical of my trades so I can improve on the next ones.