On the subject of failed setups:
AUD / JPY April the 2nd till April the 20th, mainly based on H4 TF
h4 chart AUD/JPY
The setup looked promissing. A strong brake out (marked with the yellow line). A hook that has been taken out showed as well. Then a re-test of the break out area (marked in light blue). But it failed and price burned through 69.60. Re-gained some strength and consolidated, before droping even further to 67 where it found strong support and began climbing from there again.
A closer look at the m30 time frame during the initial re-test of the break out area would probably have prevented us from jumping in immediately. No higher highs, no higher lows... no beginning uptrend.
m30 chart AUD/JPY
However, the following consolidation and a small uptrend beginning at ~68 would probably have lured us into going long. And we would have been burned by the next drop to 67 (not visible on the m30 chart, compare h4).
As I see it this just shows that we still have to be picky about our entries. No way to avoid failures like these. But if the R/R is okay, it shouldnt be a problem for the long run...
AUD / JPY April the 2nd till April the 20th, mainly based on H4 TF
h4 chart AUD/JPY
The setup looked promissing. A strong brake out (marked with the yellow line). A hook that has been taken out showed as well. Then a re-test of the break out area (marked in light blue). But it failed and price burned through 69.60. Re-gained some strength and consolidated, before droping even further to 67 where it found strong support and began climbing from there again.
A closer look at the m30 time frame during the initial re-test of the break out area would probably have prevented us from jumping in immediately. No higher highs, no higher lows... no beginning uptrend.
m30 chart AUD/JPY
However, the following consolidation and a small uptrend beginning at ~68 would probably have lured us into going long. And we would have been burned by the next drop to 67 (not visible on the m30 chart, compare h4).
As I see it this just shows that we still have to be picky about our entries. No way to avoid failures like these. But if the R/R is okay, it shouldnt be a problem for the long run...