Disliked{quote} Hi - thanks for posting. Your second trade worries me about the huge risks taken. Maybe you could ask FTI advice. If you were trading the higher time frame upmove as I think you say you were then when m5 pulled back > 50% of that higher time frame long wave then your trend is at risk (as told to me by FTI) - and the down trend may be back on so you should have red flagged it (sorry) - you could have taken most out at BE in the next pullback but at least you could have had a headsup - but if you stuck with it coz brain dead - then flip could...Ignored
Thanks for popping by.
Yes, this trade is a bad one.
Here was my reasoning for trading it.
When I sent scout, H1 was at rest after M5-m15 making a previous HH HL.. aside from that, price was fanning the flames of a ECB cut and move for more bond buying. I found that it was too early and especially when BOE did not move, neither have A50 been invoked. and it be typical Draghi, talk talk talk and nothing which trigger a short cover. EUR crosses have buyer sighted also.
Furthermore, there was option strike at 1.10 with a very decent size for a while leading up to the D-DAy for ECB. Hence, I felt it was contained at 1.10 region.
first entry of 3 sent out, was too haste, impatient, second 3 have had no higher high too, so it was early also. I got lucky on the 7, and manage to bring entire trade to BE -5 pip with that launch and contain the damage. Price was hovering at 1.10 as I had suspected due to the large option, and I believe market decided to cover soon after.
Never the less, I got lucky with this bugger. would have killed it and have had to take a painful loss if it slided more. And "hope" I m able to pull the trigger to kill self.
In a way, I was betting on the option barrier holding and ECB not acting on D-Day.
By the way, do you have any luck with this?
http://www.forexfactory.com/showthre...15#post9042315
Regards
Fall in love with the process, and the outcome takes care of itself.