Updating on 8.25
At this point, I don’t exactly remember the original analysis of this trade, or how I came across the pair — though I’ve been doing weekly setups, so I’m sure I found this the prior Monday. Looking at the daily chart, there was some upward movement, but overall over the last few months price had definitely been trending down. Over the last couple of days leading up to this trade, price had rallied, but appeared to me to be stalled at a prior support area and was ready to head back down.
Entry – 0.95000
I looked at the minutes charts, settling on a nice base that I saw on the 3 min. chart. Price had recently made a new low, rallied a bit making a lower high from the peak, and was basing. I figured, if it broke the lows of that base, it could run to the low it had just created, worst-case scenario. Best case, it would make a new low on the daily chart, so I set an entry order.
Exit – 0.95402
Price triggered me into the trade, then within 5 minutes, price rallied and stopped me out of the trade. Maybe I should’ve set my entry order at a more meaningful “break” point, so that it was more of a confirmed move, and I potentially wouldn’t get faked out. I’m not sure. After getting stopped out, too, price pushed in my direction over the next 15 min. eventually reaching my initial target — even pushing a bit past. Though price rallied back up to my stop shortly after that. This is trading. It was a quick loss, and one that’s going to happen. Other than maybe opening up my entry a bit, I think this was just another ebb. Just gotta keep working