This had been pushing down for a long while now — several months — and the morning of this trade, price had pushed down through a fairly strong support area (one that’s held up for about a month) and made a new low
On the one minute chart, price had largely been basing for several hours, had a sizable spike at the US Market open, but seemed to be returning to the down side by the time I got to this. Price came up to some support and had a bit of a rally, so I put in an entry order
Entry – 1.29321
Exit – 1.29380
Price pushed in my favor only momentarily — about 1 pip — before pushing back up, eventually stopping me out at, essentially, a full loss. Price pushed up pretty significantly past my stop, too, but it eventually reached a resistance area and dropped from there — all the way down through my target. Looking at this, I think I saw a missed opportunity and tried to force something after the fact.
The price rallied fairly strongly at the market open, so, maybe I shouldn’t have taken this short in the first place but when it returned to the down side, had made a nice bear rally; the low of which was my stop loss area. Trading is a practice in patience and understanding. I need to be better about understanding when I missed the trigger, and need to be more patient knowing another high-quality trigger is going to happen at some time somewhere. I can’t force things just because.
