Should we be open-minded when trading? In my view, it's Essential that we be open minded when approaching the price action, and try to resist our inner bias which is usually a driver of our thoughts in certain directions without us feeling.
I usually look at the market from different perspectives, so i think am sort of open minded to a certain extent. However, as long as we are not machines :), and we continue to have human emotions, bias will continue to take over in many cases. In my previous analysis i have to admit that i was biased.
Despite the fact that any technician would agree with the reasoning behind my previous analysis, which had many valid technical assumptions and logic, I was attached to that view in a way that blinded me from seeing an alternative assumption, the case which i illustrated on chart for your review.
This assumption clearly validates a long position at least over the short term for a quick entry and exit. But being focused on that potential reversal zone and waiting for a reversal confirmation signal have took all of my attention. I could have had a reasonable long on this setup, and let it run until a confirmation signal present it self, instead of standing pat waiting for that signal.
Thank you for reading, and i hope you learned and extra thing reading this post.
Exclusively Subscribers to my mailing list will get one month access to my trading account . subscribe here http://thefxchannel.com/ ,
My best regards
Skype: Technician - The forex channel