EURUSD... what did I do wrong in my trade?

hi all

Please excuse my bad english because is not my first language.

Anyway about my trade,

at Wednesday, EU goes down a lot,
It breaks support at 1.3383 (which holds for a while),
also breaks support at 1.3327,
also cut through 200 EMA


on thursday, it continue to went down a lot
but i miss many chance to enter,
and it continue to move, showing strong bear market


On thursday night, after seeing positive existing-home-sales and philly manufacturing index from u.s.
i enter short,


the moment I enter, it went up
and continue to went up, none stop

so the point i enter, is the lowest point now..

what did i do wrong there?

i not understand..

An image is better than thousand words.



Previous resistance zone (cercles 1, 2 and 3) became a support zone (cercle 4)

This is just one explanation among many others possible.

Thanks broketrader
i guess i miss out that one
Cause on H4 chart it seems to broke that previous resistance. ..

It just made a weekly low an hour ago so you're good if you held on. If not, you got shook. If you're a trader with a retail broker in an OTC market, you're going to sell at the low and buy at the high. This is a very volatile week in the markets. Adjust to the volatility accordingly.

In simple terms it appears you are chasing the shorts instead of letting them come to you. Do you have a trading plan? If so, what does your plan say about trading in short. If you "missed your opportunity", then you must wait for the next one to come along.

On a technical note you can wait to short what you perceive to be a bear market when price rallies then short it there.

But above all else you lost because you were chasing price and don't appear to have a plan for trading a bear market. If you had a plan you would not be asking what you did "wrong", you would know what you did wrong, or you would say, that your loss was just part of you method.

bottom line: MAKE A TRADING PLAN...TRADE YOUR TRADING PLAN.

Sam1741, what happened is you got tricked. It happens all the time to us traders. The market has an amazing ability to do this. I can't say for certain that this is correct, but my theory is that in order for the "big boys" to enter/exit a trade without moving it too much, they need to wait for moments when the rest of the market is fooled into thinking the market is going to continue heading up/down, when it is in fact about to do the opposite of what they think.

The market always covers its tracks without fail. That is, any "easy" entry will be revisited before long, and anybody that entered a position at that spot will either already have a b/e stop that will be triggered, or they will start to hear that old saying we have, "don't let a winner turn into a loser", and many a trader will abandon their position manually. When these stop-loss trades are triggered, who do you think is on the opposite side of that trade? That's right.....the "big boys", or people that move a LOT of money and have to worry about liquidity issues. Forex is not as liquid as you have been told, but this phenomena happens in every single market regardless.

All we can try to do as traders is LEARN FROM EACH AND EVERY MISTAKE WE MAKE----and you will make loads of them! Once you understand how the big boys win, you can begin to trade like them, but that takes time too. I still get fooled and I've been at this shit for over 11 years. And that's 11 INTENSE years! However, I wasted many years trying all the dumbass theories and systems that barely break even, at best, until about a year and a half ago when I realized what was really going on here. The last 18 months have been learning the finer points of trading like a big boy, even though I am far from being one.

Sam, my advice is, learn how to transform yourself from the prey into the predator. Today you were prey, but the nice thing about trading is that with iron determination you can eventually become a lion. It is not easy, though. It's really, really fucking hard!

The EURUSD has become too political of late and is been kept directionless by cheeky politicians /bankers.just one statement and it jumps around like a headless chicken. Focus on the hot currencies like USDJPY.

An example of what you shouldn't do and what you should do. The target requires more explanation than could fit on chart, but I will say this....look for other fakes above and don't be greedy. There is nothing wrong with a risk/reward of 1:1, although in this case a target back at the high .8590 would not be greedy at all.

if you want to be a daytrader, always consider the ADR. prior to the breakout you were hoping for, the pair had already fallen 120 pips or so - cant squeeze blood from a stone.

Also, price reversed at 38.2 fib - see attached daily chart

Its been already stated. No signal no trade. But then what is a signal? You need a method/strategy

Seems like you have a lot of work to do this weekend.

This week's markets were moved by big economic releases as opposed to TA. With that comes volatility. Trading without charts this week would have been best.

Cool! Thought it was a link to Merlin's system. haha

Patience is the key, just like a Crocodile.

Buy high / sell low = retail
Why pay retail prices?