As traders, it is inevitable to make wrong analysis and form incorrect opinion on your own charting. That is how we learn, imo. I was carried away in my own bias in analysing EURUSD.
Going back to the bigger picture, we can see clearly that EURUSD has broken out of the bearish trend line and also break out of resistance at 1.11286.
There is a bit more room for it to go before we see a sell off on this pair.
I have trimmed some of my losses and have decided to stay aside , watching the move before entering my position. Taking revenge on the market (like I used to) is suicidal as it makes you do crazy things like increasing your position size to recoup your losses, to earn back your "reputation" that you are a good trader, to prove to yourself , etc.
Egos are worth nothing in trading and nobody cares, really. That is why SL is so crucial in trading ,it is an automatic stop out before it gets worse should your analysis be wrong and I have been wrong before.
Now, let's move on.....
Going back to the bigger picture, we can see clearly that EURUSD has broken out of the bearish trend line and also break out of resistance at 1.11286.
There is a bit more room for it to go before we see a sell off on this pair.
I have trimmed some of my losses and have decided to stay aside , watching the move before entering my position. Taking revenge on the market (like I used to) is suicidal as it makes you do crazy things like increasing your position size to recoup your losses, to earn back your "reputation" that you are a good trader, to prove to yourself , etc.
Egos are worth nothing in trading and nobody cares, really. That is why SL is so crucial in trading ,it is an automatic stop out before it gets worse should your analysis be wrong and I have been wrong before.
Now, let's move on.....
This last candle move up has now reach the resistance level of 1.11685, surpassing it and expecting some correction soon. For those who long, you may want to take some profits. Congratulations.