I so much would have loved to end the first month of 2016 in a good way; but I while I got many things right in the past few weeks, I did the reverse in this one. Many things were done badly: Picking a trade where I normally wouldn’t have among many other silly mistakes; and where I should have caught a winner, I just didn’t spot it until it was too late.
It took days of waiting for the rising wedge to form on 4-hour time frame. Since the overall trend and the 4-hour chart pattern are bearish, I was inclined to go short than long; though, it meant I had to wait for price to test the resistance again.
When price tested the resistance, it formed a rising channel (red channel) on 1-hour time frame. I didn’t see it form. When I eventually did, it was late.
The decline that came afterward was rapid and over +200 pips. I had planned to set my target at 1.4131 and Stop loss above the most recent high.
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