Trend Is Your Friend, Then In Comes Reversal | USDCHF
Hi Traders,
I post an idea for long opportunity of USDCHF last week (see below). The idea was to wait for break above the daily resistance enter and hold the long position to the neckline of the M formation. Going into the week I was super confident about this move for the many reasons I outlined. In an effort not to miss the move, I tried to long after the 4HR close above the resistance. I got more confident after the formation of the inverted head and shoulder and enter a long position again.
But was there a simpler technique? Just follow the trend and sell from the resistance. Or was it my fault for not waiting for the daily close? Or perhaps my fault for being OVERconfident about the move. I would say a combination of ALL. For me its harder to follow the trend, when it seems like a reversal is coming. But hindsight is always 20/20.
For those who follow the trend, congrats you caught those pips!
For those who was looking for the long but did not enter, congrats you missed taking a L.
For those like me, that took the long and an L, congrats is still in order, because I learnt from it.
What are your thoughts on the topic? Did you buy, sell or did not trade USDCHF this week? Comment below.
And feel free to follow me for more daily A quality setups and weekly educational ideas.
I post an idea for long opportunity of USDCHF last week (see below). The idea was to wait for break above the daily resistance enter and hold the long position to the neckline of the M formation. Going into the week I was super confident about this move for the many reasons I outlined. In an effort not to miss the move, I tried to long after the 4HR close above the resistance. I got more confident after the formation of the inverted head and shoulder and enter a long position again.
But was there a simpler technique? Just follow the trend and sell from the resistance. Or was it my fault for not waiting for the daily close? Or perhaps my fault for being OVERconfident about the move. I would say a combination of ALL. For me its harder to follow the trend, when it seems like a reversal is coming. But hindsight is always 20/20.
For those who follow the trend, congrats you caught those pips!
For those who was looking for the long but did not enter, congrats you missed taking a L.
For those like me, that took the long and an L, congrats is still in order, because I learnt from it.
What are your thoughts on the topic? Did you buy, sell or did not trade USDCHF this week? Comment below.
And feel free to follow me for more daily A quality setups and weekly educational ideas.