Going through RSW this morning, NZDUSD was the only trade that looked viable. That said, I didn’t see much that I loved on the hourly chart (and, for that reason, I didn’t look at the 15 min. chart). I looked at the 4 hr. chart, though, and it was in a nice, low-base pattern, so I set my entry and stop orders based on that
Entry – 0.5928
For the majority of the day, price stayed within that range, and near the end of the day, there was another low-base that had formed on the hourly chart. That, in my opinion, bolstered my claim for this short play so I left my entry orders. Later on in the evening when I checked the charts again, I saw that price moved down, triggering me into the trade.
| Entry Order Level |
|---|
| 0.5928 |
| Stop Loss Level |
| 0.60085 |
| Target Level |
| 0.57928 |
Exit – .6009
I left it overnight, and in the morning when I checked on it, I saw that price had reversed and was very near my stop. By the time I got to my computer, it had pushed up and stopped me out…… I’m not sure what I’m doing wrong, or if it’s simply trading and I’m going to have down months like this or what.
I feel like nothing’s changed in my analysis or outlook, and I also feel like I’m trading right within my rules, but I haven’t been successful. I’m not giving up, though. I’ll just keep working keep following my rules and possibly tweak them if necessary. It’ll all work out eventually.
