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.....
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Praise the Lord. John 15.3 -"You are already clean because of the word which I have spoken to you". If the Lord said so and we believe in him, then we must be doers of his words. Just like we can't drive a car while looking at the rear view mirror, we too shall not look back at our mistakes in the past and allow it to stop us from moving forward.
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.
@ZigZag618, Hi, sorry for my terribly late reply. Haha, I am merely ranting off and putting my thoughts in writing so that others hopefully can avoid the mistakes (some very costly ones) that I had made. I have one too many friends who got burnt in their portfolio and swear never to come back to trading again. It is sad as they continue to tell themselves and others that trading is a SCAM and a form of gamble and all sorts of negative things. Once we accept something as the hard truth, it takes a paradigm shift before we can readjust ourselves. I am glad that God is with us throughout my trading time and never forsake me but comfort me and supported me in ways that I cannot imagine. All the best to your trading !
thdehddns
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dchua1969
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@thdehddns, Thanks for the lovely chart. I have seen some of this patterns before though I am horrendous in charting them. If it suits you and can help you to make money, by all means use it well and benefit others. All the best to your trading.