DislikedThanks Spacebuck, for being honest with us, telling us about your losses, i think everyones experiences losses in this business but few like to admit, it takes a brave person to say i screwed up and this was how it happened. If you don´t mind can you post that chart and show where you did bailout accepting the loss, as i think not only winners will makes us learn but also losses (present oportunity to improve our skills). I´m not very active here as i wish (lack of time at the moment) but i really like read yours post during the weekend... Regards...Ignored
This audusd loss was somehow a surprise to me, i had in mind the longterm uptrend, and even knowing that this medium-term downtrend was probably just a retrace, i still was expecting at least a kind of doublebottom, or some sort of support-visit before any relevant upmove.
As we know, audusd just went up without caring at all about supports or doublebottoms etc.
I just take the losses at 0.9530 (last month's high), at that point it was clear that there was happening a sort of "buy whatever is offered" in the market, a rush to buy, on one side the super aud, on the other side the weak usd, take the loss was the best thing to do.
However, this particular loss have shown how much the market was looking to sell the usd, and this realization used to be pretty useful, as you may notice looking at usd related pairs (perhaps i will make a post about this next week, no hurry for now).
So yes, this audusd trade had potentials, but for one reason or another things went not as expected, it can happen and will happen again from time to time, what we can do is just recognize that things are getting out of control in a timely manner, cut the losses, forget about it (it may need a day or two away from the charts, at least for me), and then move on to the next trading opportunity.
For sure i'm not going to trade audusd anymore for some time, i didn't like at all the lack of liquidity of the past weeks.
Below the charts:
1h chart: we can see how i was trying to sell high
4h chart: we can see how there was an overall downtrend to help the bearish view
weekly chart: we can see how this downtrend was just a retrace of the major uptrend
tricky situation indeed.