Good morning folks! I hope everyone is well
I come to you baring sad news today of another loss, I guess it was to be expected since it was the third GBP trade I was in at the same time, and there’s a small correlation between all of them (who would’ve guessed)
Trade Update -1R
Pound Swiss was executed according to my trading plan so I’m happy with it, the main issue being the zone, it was definitely a weak zone since we didn’t have any real pullbacks into it, which made it into a phase line more than a trendline and I should’ve been aware of that.
I still believe it was a good trade since there was a strong potential for a reversal from these levels but so I do not see it as a “not valid trade” instead I’ll say it was a C trade (those I want to eliminate)
I was listening to yet another podcast with Lance Breitstein (Twitter: @TheOneLanceB) saying how he recommends removing these C trades from your plan but adding their risk to your A+ set-ups so that risk is an exponential curve based on the quality of the set-up.
Looks rather similar to the GBP/CHF set-up I just rated as a C doesn’t it now (in terms of trendline) which makes me comfortable saying except if we have a great set-up I’ll be staying on the sidelines
Euro Yen presented a strong impulse lower yesterday, the main issue was with my stop sizing which kept me out of this position
Dollar Yen is definitely going to be on my watchlist if today closes as a bearish candle without reaching the area of supply (as in it’ll be on my watchlist for next week)
Just now realized, I think I missed this entry on the 4hour and the 1h20.
Shit. I didn’t realize what was happening here. Oh man.
To be fair the stop sizing would be enormous compared to the average daily zone so I’m still hesitant to place an order for a potential entry.
(I have decided against placing an entry order now. Still very confused with how I missed it) – I’ll admit I’m feeling weird about this one
This has definitely put me off my game damn.
Kiwi DOllar also deserves a mention here