TRADE CONCEPT
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Only news today was EUR (speech). News triggered strength against GBP, CHF only (nothing on other currencies). EUR is not correlating.
Therefore, I'm thinking potential for EUR weakness = USD strength. EURUSD is at top of daily range.
USD is better correlated and so is JPY. USD is long term neutral and JPY is long term weak. USDJPY has recently touched bottom of H4 range. H4 stoch is low and up. H1 stoch swinging down but space to go up
In now - hopefully time to move and get SL to BE then afternoon USD news to carry trade onwards.
ENTRY TYPE
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Entry order assuming market needs a better price to go up - no news to move it so needs a technical reason
SL
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Below previous spike
Below DEMA21
Notes
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I'm frustrated that I couldnt trade mon - BH
I'm frustrated only got 0.5% yesterday (chickened out of NZDEUR trade early)
I've championing correlation but I haven't thoroughly reviewed whether USD ready to go up and JPY ready to go down on all pairs
I have to wrap this up - I've got other things I need to do (so should I even be putting the order in???)
***IM GETTING IN VERY EARLY - NO HIGHER HIGH or HIGHERLOW. STILL UNDER EMAS!***
USD
JPY
EUR
------------------------------------------------------
Only news today was EUR (speech). News triggered strength against GBP, CHF only (nothing on other currencies). EUR is not correlating.
Therefore, I'm thinking potential for EUR weakness = USD strength. EURUSD is at top of daily range.
USD is better correlated and so is JPY. USD is long term neutral and JPY is long term weak. USDJPY has recently touched bottom of H4 range. H4 stoch is low and up. H1 stoch swinging down but space to go up
In now - hopefully time to move and get SL to BE then afternoon USD news to carry trade onwards.
ENTRY TYPE
------------------------------------------------------
Entry order assuming market needs a better price to go up - no news to move it so needs a technical reason
SL
------------------------------------------------------
Below previous spike
Below DEMA21
Notes
------------------------------------------------------
I'm frustrated that I couldnt trade mon - BH
I'm frustrated only got 0.5% yesterday (chickened out of NZDEUR trade early)
I've championing correlation but I haven't thoroughly reviewed whether USD ready to go up and JPY ready to go down on all pairs
I have to wrap this up - I've got other things I need to do (so should I even be putting the order in???)
***IM GETTING IN VERY EARLY - NO HIGHER HIGH or HIGHERLOW. STILL UNDER EMAS!***
USD
JPY
EUR
Comment:
LESSONS LEARNT
Order cancelled:
Ive totally missed this. I was thinking maybe id get a pull back but its gone. I cancelled the order. Another day, another correct call but missed entry. AAAHHHHHHHHHHHHHHHHHH!!!!!!!!!!!
Comment:
LESSONS LEARNT
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I think my technicals are getting solid but i have a money management problem.
I think i was too scared to enter because this would be the first trade of my new lot size. However on the instrument alone it was a very aggressive entry (but I had cross currency and fundamentals to enter).
The answer for this and the other missed trades is to scale in. Get in (1% risk?) and then scale in on a lower tf if its working.
—————————————————————
I think my technicals are getting solid but i have a money management problem.
I think i was too scared to enter because this would be the first trade of my new lot size. However on the instrument alone it was a very aggressive entry (but I had cross currency and fundamentals to enter).
The answer for this and the other missed trades is to scale in. Get in (1% risk?) and then scale in on a lower tf if its working.
At least get some value from this and see what (if anything) went wrong...