New 20 days high above the MA(100), broke horizontal resistance, even on the weekly there is an Adam end Eve formation which was trading above the MA(100) weekly.
I got scared that day. There were some news on Japanese banks loosing their good ratings and the price was rising back above my entry point. That is why I shouldn't pay attention to news. Anyway I bought at the highest price of the swing and then the price fell down with a big kaboom.
Sad fact about this trade. Last week it missed the TP for 1 pip and turned ariund to draw down. Anyway today turned around and hit the target. I kept this trade open for 3 weeks. Unfortunately holding the trade for too long in forex can cost in swap. Newer mind. I did get a nice profit from this.
I saw this pair doing what I want a pair to do. Strong trend, small retracements, break the DC(20) etc but I passed it. Then Chicky asked in this thread "who has the balls to short the euro?". So what the heck, I do have them.
This looks like a naughty pair. It is ranging. Broke the DC(20) and the last bar closed above the two previous highs. Also there is on the daily an Adam and Eve formation.
Unfortunately todays bar is a red bar but doesn't seem capable of closing below the horizontal resistance.
Traders psychology is a b!tch. The last trades appear all to be bad calls. I am not posting the outcome yet but all appear to be losers. It appears that there is such thing as "Too late in the trend" and I did it. I don't mind so much the damage done in this demo account. This account stands live and healthy at 53% gain. I am more worried because I copied these trades in my crippled live account also which was showing signs of recovery. That's the story when real money are involved. Always participating in looses, never in gains.
While there are some good and strong trends in forex, they need to be played right otherwise they end in tears. Almost all the cases of losing trades from last week can be concluded in one sentence: If you don't jump amongst the first then forget it.
BTW I am also attaching a weekly chart where I have drawn a support/resistance line. Exactly where the pair stopped and turned around. I hate it when some times this lines are not taken in consideration at all and some times they laugh at you face saying "I told ya".
Price trading above the MA(100), made new 20 days high and then bounced back down forming a 2 days pinbar. The beauty of this pinbar is that it is not formed on top of some swing but right at the support. So not much space to move down. My pending long is right above the point of failure of this pinbar. If the bar fails great, we have a trade. If it doesn't fail again great, we don't have a bad trade.
Buy @0.9578
Stop @ 0.9472
Target @0.9888 at the previous triple top.
Well, the Euro was climbing higher the last two weeks. All that was great for it but the whispers are still bearish. I have no idea what all these bulls did know and pushed it up. For me there was no signal to buy it yet. From the charts that I follow only the EURAUD gave an entry signal and it was bearish.
Price trading below the MA(100),
new 20 days low,
broke the support from March-April,
enough consolidation and swings between then and now,
broke and retested the 20 days high.
This is the riskiest in this series of trades. The reason is that there is not enough consolidation before the breakout. But then again what the heck. We are talking about a quick 110 pips.
Again:
Price trading above MA(100),
hit it's head right to the flip zone and bounced back with a big scary bearish bar forming a 2 days pinbar,
that pinbar was in a silly place,
also that scary bar was a new 20 days high and a turn back just to check the floor if it holds,
a pending order betting it will fail, if not who cares...
This pair is slipping down every other day. Now it trades below its MA(100), making new 20 days lows, every time it tests the previous resistance it fails. Seems good. Unfortunately it trades inside a weekly triangle so I don't know if this time it will bounce to the bullish trend line or it will break through it. It already made 5 bounces within the triangle so I hope this time it will break. If not I will check the reaction around there and I will act accordingly.
Sell @1.2711
Stop @1.2774
Target @1.2552 to the previous swing low.
Most of the times I see price doing something, I anticipate it will reach a certain level where I put my pending entry, and it does reach it. I am thinking: Wouldn't it be better to enter right there at the market so I can get a better entry? But that would increase my failed trades ratio. Not that I had so many trades failing right away since I started trading like this. I don't know what would be better.
Loss -73 pips. While the loss in it self is normal and no heart feelings for it, I am still looking where I did wrong. There are some things that were wrong with this trade, for example the late entry and the pin bar that closed well and bullish inside the 4 previous bars. But then again this wasn't a swing trade. It was a position trade. So it is an expected loosing trade, well managed, that still failed doing a little damage in my account. I am still in the game and my equity curve still pointing up.