EJ trade: worried about M30 demand cutting short, short.
intro: added 3 new pairs as coach suggested. I chose the USDCHF, USDJPY and AUDUSD, however I'm taking them off. At the moment life is very hectic. My fiancée and I have just exchanged on a flat that is riddled with problems and is taking up a lot of my time seeing as I am the one who "works from home". Couple this with the fact that there are issues at a property I rent out that is my main source of income, suffice to say I am pretty stressed.
thoughts: there were 2 issues today the first being where to get in the second being where to take profit. The EU and EJ were the only pairs to potentially setup but I scared myself out of the short trades on the M30 charts because there was M30 demand nearer than 3:1 on the EJ. This fear was definitely due to reading a Seiden article yesterday about why trades fail. But this was regarding stocks and my D1, H4 and M30 charts were all trending down and so the only demand I should really have been fearful of was a longer term one and that (H4) would have achieved a 3:1 and did. And I missed an entry on the EU because I got my supply level in the wrong place.
summary: stressed means I ballsed up entries and lost objectivity regarding supply and demand. Not surprising really I didn't get any trades.
lessons: 1. trading with trend, trade into longer term levels. counter trend trading , be aware of M30 levels. 2. S&D is better drawn around some bars not one.
morning prep:
afternoon summary:
It's very hard to trade when you're head isn't straight. That's pretty much the lesson you can see with all the blogger traders. But it's possible that going to blind limit orders and less screen time will take some of the relentless experience of ambiguity out of your trading, which may actually improve things. Good luck with your flat!
ReplyDeleteThanks all round!
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