Well traders,
Wanted to share the completion of the experience that began yesterday morning. Closed the trade earlier today with a profit. I held the trade for two reasons:
1. I saw bullish sentiment on H4 when I placed the trade. I also went back and read what I had written in the post that morning...
Hello again,
Had a long day yesterday...now coming to
Here is an interesting setup. Price at WL with U-MLH below. News out shortly. Good place for support: either at WL or U-MLH (as switchback). Thinking bullish. By the way, these WLs are from a fork above.
Be careful,
FX4Newbies
Believe it or not, I stuck with it because of what I saw in the chart. Price came exactly to green U-MLH, found support and turned. I was hoping price would find support at the WL earlier, but the market sentiment was down and news pushed it further. Also I had not drawn in the red fork.
2. I have been told that it is good training to allow yourself to hold the trade to experience the swings from a negative P/L to a positive one. Builds emotional muscle. So, I figured I'll give it a shot since I'm in it already, nothing more to lose. If it's a loss, then it's a loss. Normally I would be gone, but I decided to put myself to the test. I guess I wanted the experience more than the cash .
Because I stuck with my analysis that was confirmed, I was able to come out with some pips in my pocket. The Lesson: Be confident about what you know about the method you are using. If you have reason to enter the trade, then hold on until you see reason to let it go.
Hope this helps someone. Your thoughts would also be welcomed.
Take care,
FX4Newbies
P.S. I guess now the skeleton's shadow is thrown out
.
Quote from FX4Newbies:
Hello again,
Experienced some trading scenarios today that I had not had for moons. Posted the chart above this morning. After posting, I noticed that price had actually cleared the low at 1.33492 (the light blue line). That means that the market had already begun to display downward momentum, though the longer time-frames were showing some bullish sentiment. Should have drawn a downward fork first. Red arrow indicates the candle I entered on with a long position, which was actually positive for a few pips.
After I entered this trade, caught clear bearish sentiment (per my entry method) on M15 out of the corner of my eye. Thought that maybe the bullish sentiment would kick in. There were two attempts to push upward after the news, which only helped to take price south for a minute...more like a few hours LOLOLOL. Still in this trade. If I have to surrender some pips, then I might as well learn something, right?
Will keep you posted. A revised chart is attached. I need to make notes to myself on this one for sure. Need to throw out this trading skeleton...thought it was long gone .
Take care,
FX4Newbies
