I made it a goal, to only make trades in two trading days this week. This week I have broken my rules.. Failed. While I did trade-in session, I had trouble, marking my target on my calendar. I set my entry
GBPJPY
with the fear of missing out... Seeing price action hit your confirmation can be exciting, but can you hit the turbo too soon? Yes, you can. This is a prime example. Price was in drawdown this entire trade. So I made an executive decision, to declare this a breakeven trade. So that if the price hit this point a third time, I was out. This is where the forex pillar 5. If the trade is in profit, trail and stop it. kicked in. I only had a C grade of bullish confluences, no need to be greedy. While I grew my account 18% today, it was too much risk, in this ranging market.
This Is What I Call A Break Even Trade....
I like to connect with you, so share your feedback!
What are your thoughts?
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
NO. I did not enter the market on the correct day.
WHAT DID I DO WELL?
1. I held my trade until the end of my session.
2. Traded the pair in MY session!
WHAT CAN I DO BETTER?
STICK TO MY RULES, wait for a stronger confirmation
WHAT DID I LEARN?
DO NOT ENTER during the market opening!
Why did I take this trade?
I had a C grade for confluences and identified a break of 4H counter down-trend.
DID I PREPARE PROPERLY?
YES, I entered a trade with several confluences in my technical analysis.
*NEW / GIVE ME A BRIEF SUMMARY 1-2 SENTENCES:
Price is creating a new lower high. We may capitalize on a small entry.
Next time I set my price, doubled down, and wait for a stronger confirmation.
GBPJPY
with the fear of missing out... Seeing price action hit your confirmation can be exciting, but can you hit the turbo too soon? Yes, you can. This is a prime example. Price was in drawdown this entire trade. So I made an executive decision, to declare this a breakeven trade. So that if the price hit this point a third time, I was out. This is where the forex pillar 5. If the trade is in profit, trail and stop it. kicked in. I only had a C grade of bullish confluences, no need to be greedy. While I grew my account 18% today, it was too much risk, in this ranging market. This Is What I Call A Break Even Trade....
I like to connect with you, so share your feedback!
What are your thoughts?
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
NO. I did not enter the market on the correct day.
WHAT DID I DO WELL?
1. I held my trade until the end of my session.
2. Traded the pair in MY session!
WHAT CAN I DO BETTER?
STICK TO MY RULES, wait for a stronger confirmation
WHAT DID I LEARN?
DO NOT ENTER during the market opening!
Why did I take this trade?
I had a C grade for confluences and identified a break of 4H counter down-trend.
DID I PREPARE PROPERLY?
YES, I entered a trade with several confluences in my technical analysis.
*NEW / GIVE ME A BRIEF SUMMARY 1-2 SENTENCES:
Price is creating a new lower high. We may capitalize on a small entry.
Next time I set my price, doubled down, and wait for a stronger confirmation.