This is my the biggest problem in trading - patience, I tried to don't take not full certain setup, but this is difficulty - especialy when I dont have to much time to watch market.
Today I take one setup on GBPUSD - unfortunately with loss. What is wrong with my analisys ?
Thanks for answer and Have a nice weekend !Ignored
Your analysis is correct. However, just another few issues you need to consider - issues I would have considered.
My concerns are labelled with numbers:
1. Big candle moving down - don't like big candles like that.
2. That bearish candle moved very close to (3) daily pivot line.
4. The signal candle of the TC moved/closed very close to the previous low (2). I ussually look at how many pips are left to the next support level - in this case the previous low and pivot line. There should be at least 10 + 5 + spread pips be to the next support level.
5. Too late especially on a Friday for my liking.
Positive issues are:
a. Nice 3 lower highs finding resistance on 21MA
b. Below Small resistance line
c. Power candle
d. Smooth rounding formed by small candles
e. TC formed
No 2 & 4 definitely would have kept me out of this trade of yours. I would have seriously considered the 3rd sister with that nice shooting star doji going through the 50MA. Also a zero break TC formed on that 3rd sister. See how far away the setup is from previous support level (4). Remember that I'll ignore some rules when I do see the 3rd sister e.g. 21 was broken.
I hope it helps.
Willem Forex recipe for success = Patience, discipline & hard work.