Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Quick Update with my trading
Last week was not the best trading week that I have had, I struggled with some psychology issues and overall had a few bad trades last week but due to my risk management I only came out to losing two percent in total. I found my self going into this past week with two much confidence from the big winners the following two weeks and also came in trying to make back the money that I lost last week which was not even that much in the first place. I actually doubled down on one of my trades without much confirmation and I luckily closed it before it did too much damage but it the fact that I went against my risk management rules and it could have been ALOT worse than what it was. I also found myself holding a trade that went in my direction and then had strong momentum in the other direction but it gave me multiple signals to get out of the trade before going against me. I should have gotten out of the trade before it went against me making it a losing trade when it could have been even a small winning trade or even just a break even trade. I was just hoping that it would go back in my favor since it was already there before so why can't it return to that price again?
This is something that I need to focus on in the future and I really need to close a losing trade before it gets too bad and since I am able to check the charts pretty often there is no real excuse for me to not be closing trades like this. The main thing that is bugging me is the fact that I even saw this pair create a big wick on the down side before reversing against me. I should have closed it before it got to the point it did.
Anyways, there is nothing we can do about it now but we can forget about the loss but keep in mind what we did wrong and just remember that for the future. Of course, every trader wants to become a millionaire over night but this is all part of the process, learn from your mistakes and try to avoid these same mistakes in the future. This is how we become better traders, sorry for rambling on but down below will be my analysis for EURCAD.
Daily Analysis
EUR / CAD has been ranging for the past few weeks on the daily chart and even on the daily you can see price starting to reject this zone created by the recent swing highs. Price had shown major rejection to the upside with a lot of momentum to the downside. There is a possible up trend shown on the hourly chart provided down below but this trade can still be profitable for a short trade or even hold it for the long picture and target the lows shown on the Daily at the bottom of the current range we are in.
Hourly Analysis
As you can see down below I was waiting for the rejection to the top side on the higher time frames but if you look at the chart and see the middle black line marking the recent lows. I was waiting for a close below these lows just for another confirmation to get into the trade. I will probably be taking this trade but keeping risk management in check with a one percent of my total capital at risk on this single trade.
Thanks again,
KeySlot
Quick Update with my trading
Last week was not the best trading week that I have had, I struggled with some psychology issues and overall had a few bad trades last week but due to my risk management I only came out to losing two percent in total. I found my self going into this past week with two much confidence from the big winners the following two weeks and also came in trying to make back the money that I lost last week which was not even that much in the first place. I actually doubled down on one of my trades without much confirmation and I luckily closed it before it did too much damage but it the fact that I went against my risk management rules and it could have been ALOT worse than what it was. I also found myself holding a trade that went in my direction and then had strong momentum in the other direction but it gave me multiple signals to get out of the trade before going against me. I should have gotten out of the trade before it went against me making it a losing trade when it could have been even a small winning trade or even just a break even trade. I was just hoping that it would go back in my favor since it was already there before so why can't it return to that price again?
This is something that I need to focus on in the future and I really need to close a losing trade before it gets too bad and since I am able to check the charts pretty often there is no real excuse for me to not be closing trades like this. The main thing that is bugging me is the fact that I even saw this pair create a big wick on the down side before reversing against me. I should have closed it before it got to the point it did.
Anyways, there is nothing we can do about it now but we can forget about the loss but keep in mind what we did wrong and just remember that for the future. Of course, every trader wants to become a millionaire over night but this is all part of the process, learn from your mistakes and try to avoid these same mistakes in the future. This is how we become better traders, sorry for rambling on but down below will be my analysis for EURCAD.
Daily Analysis
EUR / CAD has been ranging for the past few weeks on the daily chart and even on the daily you can see price starting to reject this zone created by the recent swing highs. Price had shown major rejection to the upside with a lot of momentum to the downside. There is a possible up trend shown on the hourly chart provided down below but this trade can still be profitable for a short trade or even hold it for the long picture and target the lows shown on the Daily at the bottom of the current range we are in.
Hourly Analysis
As you can see down below I was waiting for the rejection to the top side on the higher time frames but if you look at the chart and see the middle black line marking the recent lows. I was waiting for a close below these lows just for another confirmation to get into the trade. I will probably be taking this trade but keeping risk management in check with a one percent of my total capital at risk on this single trade.
Thanks again,
KeySlot