In its baskets, USD was on a strong up-day after a roughly 3-day pullback that looked like a normal move within the uptrend. I (said I) didn’t want to chase if it was extended, but I liked it Long. I still like JPY Short.
On the daily chart, this looked similar to USD’s basket, but with a smaller pullback. That said, when I was looking at this trade, I was at the point where I was only looking at 1min charts because I had already picked the direction I’d trade in, with the pairs I was looking at.
Entry – 144.331
On the minute chart, price was steadily pushing up, riding the moving averages for the most part. When I looked at it, price had just made a new spike up, and was basing (with a slight pullback, depending on how you look at it). I liked the support area and the breakout, so I put in an entry order.
Exit – 144.247
Price pushed up enough to trigger me in to the trade, but almost immediately (within 5 minutes) pulled back and stopped me out for a loss. Looking at it now, I might’ve rushed this trade and tried to chase something that might not have been there. I liked it long, I liked the fact that it had pushed up recently, but I ignored the fact that after each push up in this run, price fairly quickly returned to the moving averages, sometimes pushing down through them. I maybe could’ve/should’ve been more patient here.
If I had drawn a trend-line here, or even used the MA’s as a makeshift trend-line, taking a long trade around there would’ve probably been more beneficial; but other than that, I did follow my rules, I did have everything managed correctly, and after stopping me out for a loss, price did push up to my target. Again, maybe there’s some things I could’ve done slightly differently with this trade, but ultimately I didn’t make any grave mistakes.
It’s a combination of the ebbs and flows of the market along with a slight overlook that I may have had — maybe becoming a successful trader take eliminating those slight overlooks. I don’t know. Did I make the best decisions I could have today — In the moment I thought I did. But I guess not. I need to do a full top-down for each trade, not just look at what’s immediately in front of me because I picked a direction a couple of hours ago.