Its been a while, so id thought I lay out my worst trade in the month of March with $OANDA:GBPUSD. As you can see I had the right direction with the overall trend, but my timing was slightly off. In this market, it is all about timing. It is one of the many aspects of trading we have to master. This trade gave me clarity although it was a loss, because I went against the grain with my own trading plan. I usually only trade with four confluences. One being orderblocks. Well, price entered into a BEARISH orderblock meaning it was bound to lose even more momentum before a retest. Failure to wait for a retest has been on of my several weakness I have identified in my trading. This time it was a bought lesson. I refuse to repeat over again! I also made an entry outside of my session, a big no no!
DID I FOLLOW MY PLAN?
No, I allowed price to enter into my bearish Orderblock I had set, and unfortunately I did not wait for a proper retest!
WHAT DID I DO WELL?
1. Cut my losses short
WHAT CAN I DO BETTER?
Wait for a break and retest.
Stick to my own session.
Stick WITH the trend!
WHAT DID I LEARN?
Its ok to take a loss only if you know exactly WHY!
DID I PREPARE PROPERLY?
NO, I overlooked one of my confluences.
I did not go with the flow of the trend.
WHY DID I TAKE THIS TRADE?
Saw price enter my orderblock, and did not think twice about which direction it was headed!
WHAT IS IT YOU WERE SEEING?
Momentum of the overall pair going bearish.bullish
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
We all make mistakes, its what you learn from it that will prevent it from happening again! Stick to your rules.
WHERE DID YOU EXIT?
1.26901
WHICH SESSION DID YOU EXIT?
USA
DID I FOLLOW MY PLAN?
No, I allowed price to enter into my bearish Orderblock I had set, and unfortunately I did not wait for a proper retest!
WHAT DID I DO WELL?
1. Cut my losses short
WHAT CAN I DO BETTER?
Wait for a break and retest.
Stick to my own session.
Stick WITH the trend!
WHAT DID I LEARN?
Its ok to take a loss only if you know exactly WHY!
DID I PREPARE PROPERLY?
NO, I overlooked one of my confluences.
I did not go with the flow of the trend.
WHY DID I TAKE THIS TRADE?
Saw price enter my orderblock, and did not think twice about which direction it was headed!
WHAT IS IT YOU WERE SEEING?
Momentum of the overall pair going bearish.bullish
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
We all make mistakes, its what you learn from it that will prevent it from happening again! Stick to your rules.
WHERE DID YOU EXIT?
1.26901
WHICH SESSION DID YOU EXIT?
USA