I decided I am shorting the pair now after doing my analysis on the daily time frame, as you can see price has bounced from the resistance. I was always told to check daily then move onto lower time frames, however i forgot today. SORRY.
Trade closed: stop reached:
Should've stuck with my previous analysis. Fortunately I stuck with my risk management plan :)
Hello, I really dont think that your entry level is that great. You are entering this mid-movement. The sell off has already begun. If you got into this earlier you could have had a shorter SL, less risk. Lower timeframes would have given you buying or selling signals. You might make money, but this is now a risky trade. Especially to be doing this at 19:00 at night when the market closes in 3 hours and the spread increases.
@MSI_JAL26, I totally agree with you, I only used 0.01 lot size to test the waters, if it does hit my stop loss then I would only lose a small % of my account. However, I should have not rushed in, still working on my psychology. Thank you for the advice!