I didn’t do a weekly analysis this week (yesterday being Labor Day, so I, naturally, did even less labor than the no labor I do on a typical Monday..) so did my RSW process this morning when I got to the charts. I managed to get out of bed at a relatively decent time despite being a little hung over, so that was good, and I was able to get it done within a time frame to still trade during good trading times. I need to remember that even back when I was at my best, I was sometimes inconsistent with the times I started trading, I just went in with a good attitude, open to opportunities and didn’t take it so hard when I lost trades. I need to get back to that.
Anyway, looking this morning and CAD and USD had broken out to the upside fairly strong, with CAD being up against a resistance area that held back in Mid-July. On the down-side, JPY had broken out of a pretty strong support area, and was the only Short I liked for the day. I looked at USD/JPY, but I didn’t love the pattern, and at the same time CAD/JPY was forming patterns that I did like.
Entry – 108.72
Target – 109.13
Stop – 108.6
R:R – 3.42:1
Entry – 108.72
On the daily chart, price had pushed out of a fairly long consolidation period — somewhat looking like an inverted version of JPY’s basket. I watched the Minute chart for a bit and, at the time I was looking at it, price had made a steady push up and was basing nicely around resistance — and around the highs it had already made on the day. It looked like a good breakout candidate, so I set an entry order.
Exit – 108.59
Price pushed up, triggered me into the trade and gained a couple of pips before it pulled back and danced between my entry and stop for several minutes; eventually pushing down enough to hit my stop loss.
Maybe it’s due to my next trade, but I’ve got to say that I can’t think of anything I did wrong with this trade. I looked at 2 charts, and picked the one with the more clear pattern, I actively managed it — giving it room to breathe, I paid attention the whole time. I just think this trade happened to not work out.
