4 hours timeframe of AUDUSD
1. On 4 hour timeframe of AUDUSD, you can see this falling wedge pattern reacted on the market chart, but the market chart didn't react market downward at all. Be instead, the market chart was resisted at the supporting region of 0.59970 and AUDUSD was slowly to move upward until the market was rejected at the resistance region of 0.62000.
2. On AUDUSD trade, two big mistakes made me loss 14 bucks on the same trade. Firstly, I was overtrade at the same currency pair while I was got long at the resistance region of 0.62000 but AUDUSD was reacted the price reversal at 0.62000. So that I was partial close order at and loss 27 pips on the two positions of AUDUSD.
3. After that, I got short at 0.6163 while the market was moving downward. Unfortunately, two pin candlesticks were consolidated at the same place, and the market chart was ceased to move downward. Also, the market was moved upward with the bullish engulfing and breakout the resistance region, so that the market chart hit my stop loss region at 0.62062 and I loss 4.3 bucks on the short trade position. Moreover, I was open short position at 0.62000 but the market was continually to move upward until to hit my stop loss region of 0.2456, so that I loss 4.5 bucks on the short trade position.
4. On this trading lesson, forex trader shouldn't be overtrade to flip the account values because the highest risk you would be taking on the trade while you took consecutive trade on the same currency pair.
1. On 4 hour timeframe of AUDUSD, you can see this falling wedge pattern reacted on the market chart, but the market chart didn't react market downward at all. Be instead, the market chart was resisted at the supporting region of 0.59970 and AUDUSD was slowly to move upward until the market was rejected at the resistance region of 0.62000.
2. On AUDUSD trade, two big mistakes made me loss 14 bucks on the same trade. Firstly, I was overtrade at the same currency pair while I was got long at the resistance region of 0.62000 but AUDUSD was reacted the price reversal at 0.62000. So that I was partial close order at and loss 27 pips on the two positions of AUDUSD.
3. After that, I got short at 0.6163 while the market was moving downward. Unfortunately, two pin candlesticks were consolidated at the same place, and the market chart was ceased to move downward. Also, the market was moved upward with the bullish engulfing and breakout the resistance region, so that the market chart hit my stop loss region at 0.62062 and I loss 4.3 bucks on the short trade position. Moreover, I was open short position at 0.62000 but the market was continually to move upward until to hit my stop loss region of 0.2456, so that I loss 4.5 bucks on the short trade position.
4. On this trading lesson, forex trader shouldn't be overtrade to flip the account values because the highest risk you would be taking on the trade while you took consecutive trade on the same currency pair.