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Special thanks to Xman for showing me the way in Forex even though I did not talk to him in this forum
Thanks to every other member that helps us find our way in the Forex
Today I entered a trade but my stop loss was hit, please take a look at the chart and tell me the mistakes I made
I went long and after my stop was hit , the price went in the direction I was planning forIgnored
Here are some reasons not to enter the trade, in my opinion....most of the banks around the world are closed today & tomorrow, which usually means ranging (consolidating) markets.....the six previous candles during the Asian session were red....trend was obviously down and I would have to see something to signal a change in direction....the TDI was still below the 50 line but not in the oversold area (below 32) and the green was still below the yellow Market Base line and the red Trade Signal line.....at London Open (where you entered) on the H1 there was no change in a candle color and no cross up of the TDI...there was a pullback candle just before LO but you have to be careful with those because many times there will be a "fake out candle" at LO.....price was still bouncing around the 200EMA with no confirmed direction.....
Long entry could have been made at the NY Open when price moved above the 200EMA and cleared the high of the previous couple of candles......there was also a cross of the TDI green over red and the candle turned blue.....it would have been a scalp trade for 20 or 25 pips for the reasons stated above and because of strong resistance around the 1.3220 area.
Hope this helps.....