Many traders and maybe the big majority of traders post only succesful trades which would made me thinking that all are millionaires.
Thats not the case. The loses are a part of this profession and we need to take it as a normal part of it.
I want to share this unsuccesful trade with fellow traders.
This trade was taken at a very late Asia session when PA was consolidating around 3770-3780.
Yesterday day was bearish and weekly showed a range, I would normally expect a pullback towards 3900.
I made an analysis which showed a very good potential entry around 3780 and I have entered at 3777.
In this chart I saw a reversal head and shoulders, measured by fibo retracment PA retraced to 23.6, then there was
an ascending triangle with a confluence at 38.2 fibo which made a flat top.
The entry point I made was according to my analysis adequate to pay out a great r:r ratio as my final target was 3875-3900. stop loss 3720
The price has turned down. I forgot 1 BIG thing today. Bank holidays. I woke up late and I forgot to check the calendar.
The mistake. If i had remembered of bank holidays i would never have taken the trade today. I have my rule. I dont trade on bank holidays.
The banks are definetely the BIGGEST of all participants including hedge funds. They apply the volume to the market.
Trading patterns on bank holidays are impaired because there is NO MARKET to defend it.
That was the problem today. If it wasnt for bank holidays im 70 % sure I would win the trade.
Thats not the case. The loses are a part of this profession and we need to take it as a normal part of it.
I want to share this unsuccesful trade with fellow traders.
This trade was taken at a very late Asia session when PA was consolidating around 3770-3780.
Yesterday day was bearish and weekly showed a range, I would normally expect a pullback towards 3900.
I made an analysis which showed a very good potential entry around 3780 and I have entered at 3777.
In this chart I saw a reversal head and shoulders, measured by fibo retracment PA retraced to 23.6, then there was
an ascending triangle with a confluence at 38.2 fibo which made a flat top.
The entry point I made was according to my analysis adequate to pay out a great r:r ratio as my final target was 3875-3900. stop loss 3720
The price has turned down. I forgot 1 BIG thing today. Bank holidays. I woke up late and I forgot to check the calendar.
The mistake. If i had remembered of bank holidays i would never have taken the trade today. I have my rule. I dont trade on bank holidays.
The banks are definetely the BIGGEST of all participants including hedge funds. They apply the volume to the market.
Trading patterns on bank holidays are impaired because there is NO MARKET to defend it.
That was the problem today. If it wasnt for bank holidays im 70 % sure I would win the trade.
very nice post ! but...
