9/6
I mentioned this in the last recap: I saw a currency that was running and watched it for a few minutes to wait for an entry signal. This was that trade. Looking at the chart today, there was potentially a better base a few minutes before (Labeled on the minute chart to the right) but I didn’t get in during that pause.
What I did see was a several minute rally that came up to the bottom of that aforementioned base, and that was the short opportunity I was looking for. I set an entry order for a return to the downside.
Entry – 1.151
Target – 1.1469
Stop – 1.152
R:R – 4.1:1
Entry – 1.151
Exit – 1.15201
Price pushed down just enough to trigger me into the trade and then pushed up to stop me out within the minute. 2 things I’ll say about this: 1) that first base was probably the move, it was small so I was scared, but I think that’s the type of base I actually want to look for
2) momentum and velocity, at the point I took it short, the momentum and velocity was pushing upward, I should’ve waited for more — again momentum — to the downside before I took this trade. I think I knew it in the moment, too, but I wanted to take a trade. I think lately I’ve been having a bit of an issue forcing things because I want to feel accomplished each day, and that’s something I need to be cognizant of.
And 3) The downward push was probably an expanded move and was exhausted at the time that I got into the trade. I think I’m over-complicating and forcing things to feel accomplished when I need to keep things more simple and look for more natural setups
