Welcome to my Forex trading realm, where I break down currency pairs, trends, and patterns to uncover trading opportunities. Together, we’ll sharpen our analytical skills and embark on a journey towards trading success.
This wasn’t initially on my list, as I had a bias in both directions in EUR, but after looking at my primary pairs and not liking what I saw, I looked at a couple things vs the Euro to see which direction the individual charts were moving.
Entry
This pair (EUR/GBP) was trending up, had a nice push up earlier today and was pulling back as I looked at it. I didn’t see a great pattern right away, but I kept my eye on it. After a while, I even dropped down to a 5 min. chart to see how it was behaving, which is where I saw a nice base.
I didn’t run the numbers on the 5 min. chart, but seeing the base there gave me hope. I ran the numbers on the 15 min. chart, and by this time a mini-base had formed there as well. The R:R was good, so I pulled the trigger. It took a few minutes but price pushed up and triggered me in to the trade.
Entry – 0.85781
Stop – 0.85715
Target – 0.859
R:R – 1.8:1
Exit
Unfortunately, my entry was essentially the highest price reached, and from there pulled back. It didn’t take very long for that pullback to result in price hitting my stop for a loss this morning.
The price action, pattern and R:R all looked good to me, so I don’t really see where I could have improved anything with this trade. I don’t see any signs of the up-move being extended and I didn’t trade in to a heavy level of chop; I just, seemingly, lost this trade.
These are the types of trades that really make me question this business… But I’m not going to give up. I’ll just take my lumps as usual, and keep pushing, learning and moving forward.
I’m going to work on some stuff for this Blog and revisit the markets later this afternoon, and hopefully get another trade in today — ideally a winning one.
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