Another month goes by. Progress? Yes in knowledge….no in accumulating pips. Only placed two trades this month. I have been using the 4 hour chart now as well as the daily which has produced some extra opportunities plus also it is getting me looking at more charts.
The first trade was on the Gbp/Nzd and was based on a pin bar which formed on the 50ma and was on the daily chart. Nothing wrong with the entry but I didn’t manage the trade well and when a pin bar formed after my entry in the opposite direction I had a feeling things weren’t going to work out well, but instead of closing the trade for a profit I left it open and it hit the stop. Should have trusted my instinct more.
One thing I was pleased with this month, was my analysis of the charts. I felt like I was going a lot more in depth and using different time frames and chart patterns etc to make decisions. This was the case with my second trade which was on the CAD/CHF. Watching the daily chart I believe it had formed a double top at an order block I had drawn on. Going down to the 4 hour chart it appeared that price had previously formed a head and shoulders and triple top, all at around the same level. Price had come up from a low but had failed to break the 20ma and a KDR had formed. I therefore went short.
Unfortunately, although I had set my usual stop I didn’t account for the wider spreads overnight and the stop was hit by this. Very frustrating as price went on to hit my target.
After this I spotted another trade but was feeling a bit dejected so I didn’t feel I was in the right mood to trade and left it alone, in case I was making a rash decision. As it happened it would have been a good trade. All three would have hit targets this month if I had managed them better. Lesson learnt.
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