everyone must be sleeping... i slept a couple hours and woke up.. not much going on with market... GJ looks like it may be nice short setup soon though. ill prob go back to sleep soon until london
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DislikedHere is what I would consider to be a classic failed trade taken today:
Attachment
Instead of entering a couple of bars earlier when the M15 had just touched and then left the 76 line I waited for the 30 and 60 stochs to confirm, which they did. It was not a very clever trade, as you can see. The strong support around 164.00 shows up everwhere:
Attachment
The trade went into profit briefly and then left the area, with a couple of teasers on the way. Not helped by the news release at 1.30GMT (8.30 EST) the EJ changed direction for good and I had an opportunity to recoup my losses.
Lessons learned:
Just because the H4 stochastic is in the right position does not mean your trade is guaranteed.
Look at where the price has been for the last couple of hours, especially where it has formed lows (support) or highs (resistance)and not just daily S and R.
Enter the trade at the right moment, eg when the M5 has just turned the corner and supports you direction.
Learn about price action. Those hourly candles were shouting.
Be lucky, like me, learning from mistakes like this with micro lots, or a demo account.
If you miss the last train, there will always be another one in the morning.Ignored
Dislikedsmikester,
It looks to me like your stochs were not in any standard position to trade, so your trade very risky to begin with. It wasn't an "away trade" since the 15 was descending by itself, and it wasn't an elasticity trade since the H4 was not in oversold.
What do you mean when you say, "I waited for the 30 and 60 stochs to confirm?" Would you mind describing the exact rules that got you into this trade? Unless I'm missing something here (always quite possible), I don't understand your entry. Might help us both.
Thanks!Ignored