Hello Traders,
So today I am doing a trade recap on a trade I lost due to lack of detail. Note, in trading, after knowing how trading works, every thing comes down to the level of attention/detail you give to your chart.
Detail, detail, detail... never forget.
I have labelled the chart accordingly so your understanding can be seamless. But if you still need clarity let me know.
I use my weekend to analyse why my trade won or lost. And this is an approach to trading that people should undertake. This should come after journaling your trade.
The thing is, you will make mistakes, you will not see everything (detail) but continue. Reduce the number of pairs you trade, reduce the indicators, reduce the trendlines and every other thing... Your chart should be clear and easy on the eyes. I only look at 10 markets (the 7 majors and AUDNZD, CADCHF & EURGBP). I add the 3 crosses only because I want to have alternative for all the currencies excluding JPY. I don't use indicators (not saying it is bad but reduce it), I don't use trendline (because price is moves horizontally - unpopular opinion).
When you have just a few pairs, you are able to understand the moves better and you can free your brain from analysing so many pairs. Just imagine using indicators, lines upon lines, and the market changes form... now you need to start all over again your analysis on all your multiple markets, looking at so many things. Trust me, you are bound to miss the obvious details not to talk of the hidden ones and its a lot of work. I am sure you must have experienced it.
I am still very bullish on EURUSD and right now, I am not looking for an entry, I am waiting for a break of the 4H high then I will look for an entry which I will share on my page.
If you would like to see it, all you need to do is click on follow.
I will also link my previous analysis on EURUSD, AUDNZD, USDJPY
Stay tuned for more.
BR.
David
So today I am doing a trade recap on a trade I lost due to lack of detail. Note, in trading, after knowing how trading works, every thing comes down to the level of attention/detail you give to your chart.
Detail, detail, detail... never forget.
I have labelled the chart accordingly so your understanding can be seamless. But if you still need clarity let me know.
I use my weekend to analyse why my trade won or lost. And this is an approach to trading that people should undertake. This should come after journaling your trade.
The thing is, you will make mistakes, you will not see everything (detail) but continue. Reduce the number of pairs you trade, reduce the indicators, reduce the trendlines and every other thing... Your chart should be clear and easy on the eyes. I only look at 10 markets (the 7 majors and AUDNZD, CADCHF & EURGBP). I add the 3 crosses only because I want to have alternative for all the currencies excluding JPY. I don't use indicators (not saying it is bad but reduce it), I don't use trendline (because price is moves horizontally - unpopular opinion).
When you have just a few pairs, you are able to understand the moves better and you can free your brain from analysing so many pairs. Just imagine using indicators, lines upon lines, and the market changes form... now you need to start all over again your analysis on all your multiple markets, looking at so many things. Trust me, you are bound to miss the obvious details not to talk of the hidden ones and its a lot of work. I am sure you must have experienced it.
I am still very bullish on EURUSD and right now, I am not looking for an entry, I am waiting for a break of the 4H high then I will look for an entry which I will share on my page.
If you would like to see it, all you need to do is click on follow.
I will also link my previous analysis on EURUSD, AUDNZD, USDJPY
Stay tuned for more.
BR.
David
