But looking back on it, I learned something I missed. As I say, every losing trade will get me closer to that winning trade as long as I learn something from losing. And here is what I learned. This can also serve as a lesson on how I ALWAYS go back and break down my losses. This is an essential part of the "process" of getting to a winning trade.
I said if prices dropped past the .382 level, it will most likely head down to that MAJOR SR Structure I have marked below. Take a look at that level on the . To the left of the chart, I've circled where the MAJOR SR Structure stems from. This level is going to come into play. Like a magnet, prices are being drawn to it:
So now going back to my previous posts and seeing what I might've missed or did wrong, one thing I can see is that where before I had a labeled (see the chart below), that should've been a crab: After correcting this error, you can now see the completes almost RIGHT AT the MAJOR SR Structure! How'd I miss that before??? (Yes, I'm slapping myself on the side of my head right now!)
And also, before, I ignored the most recent leg up in pulling my retracement levels and instead went all the way to the beginning to the end. Look at the above and you will now see that I pulled the fibs from the last uptrend leg up and that the 50% fib now rests almost EXACTLY on the MAJOR SR Structure.
What I also missed that you now see corrected in the MAIN chart above is that I failed to see that the wave count for the wave (c) down was incomplete. There wasn't 5 waves down yet. How'd I miss that as well, I don't know. Maybe I'm posting too much!
So in CONCLUSION, I made some stupid errors here that cost me -38 pips on 2 losses that really, I shouldn't have taken.
Lesson learned. And no, I am not taking any SHORT trade here. I'll wait until prices get there and be looking for a LONG entry.
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I never want to get into the argument of TA vs FA because it is pointless and un-winnable for either side. For me, although I do follow the news and stay on top of world and economic developments, I do not take or make trades based on FA.