Wednesday I took 2 buy positions and was floating in profits then went against me and hit my SL.
My thoughts in the morning -
I wanted to look at longs and target Tuesdays highs as liquidity before going short for the rest of the week and target the daily BISI and equal lows as mentioned before.
I was looking for a short term scalp up, but little did I realize I was going against daily price direction.
Thursday I did the same thing I entered to target the same highs and didn't see news ahead for the day and saw we had red high impact news.
price did float in profit and again went against my entries.
at this point I was not sure wether price was going to go back up to take stops before moving lower and left a position open for Friday.
instead of using a SL, I was sure price was going to rise up to take some stops before moving lower to my original bias and lost my trade with even deeper loses.
I def felt a sting loosing this week after being profitable the last few days but we must understand that SL is the safety net for our capital, we must understand we are human and will make mistakes and using a SL will prevent a wrong trade or entry getting worse and give us another opportunity to trade another day after we acknowledge what our mistake was.
Lessson- we must always use a SL no matter the trade, do not fall into FOMO, and if unsure its ok to wait another day.
Notes to self- reminder to check Friday 30 percent retracement, and also stick to daily direction unless price indicates otherwise with tape reading.
below are my trades for Wednesday Thursday and Friday.
Below was my Lesson of The week
will be back Monday stronger and better, thank you for allowing me to share this with you have a great weekend.
My thoughts in the morning -
I wanted to look at longs and target Tuesdays highs as liquidity before going short for the rest of the week and target the daily BISI and equal lows as mentioned before.
I was looking for a short term scalp up, but little did I realize I was going against daily price direction.
Thursday I did the same thing I entered to target the same highs and didn't see news ahead for the day and saw we had red high impact news.
price did float in profit and again went against my entries.
at this point I was not sure wether price was going to go back up to take stops before moving lower and left a position open for Friday.
instead of using a SL, I was sure price was going to rise up to take some stops before moving lower to my original bias and lost my trade with even deeper loses.
I def felt a sting loosing this week after being profitable the last few days but we must understand that SL is the safety net for our capital, we must understand we are human and will make mistakes and using a SL will prevent a wrong trade or entry getting worse and give us another opportunity to trade another day after we acknowledge what our mistake was.
Lessson- we must always use a SL no matter the trade, do not fall into FOMO, and if unsure its ok to wait another day.
Notes to self- reminder to check Friday 30 percent retracement, and also stick to daily direction unless price indicates otherwise with tape reading.
below are my trades for Wednesday Thursday and Friday.
Below was my Lesson of The week
will be back Monday stronger and better, thank you for allowing me to share this with you have a great weekend.