GU Trade: Long term trend down, Shorted at H4 supply (R+0.6)
intro: this was a sell limit I set up last week. It triggered last night and I took profit this morning just above my pre-set target as I noticed that price had put in a newer high (7 bars ago) since my setting it.
thoughts: Am aware that there has been a steady trend up recently across the major pairs and particularly the GU, this can be clearly seen on the H4 chart above. A part of me looked at this this morning and thought "I wish I had been trading to the long side the past week or so". But in reality this a shorter term swing trend and would have been not only very difficult to trade given my current time restrictions (imposed by a busy life) but also there is a high chance that my success rate would have dropped as it would have meant drilling down to smaller time frames to find levels and these are never going to be as powerful as the longer term levels I am trading currently. I am tired today and am only blogging to document this trade but it's still amazing that a brief look at the charts when tired made me double guess my work/strategy. So am going to finish this up sharpish and turn the bloody charts off! There
summary: a simple short at long term supply with the daily long term trend down. There might well be opportunities down on lower time frames but now (wedding week) is not the time to explore them!
lesson: don't make trading/plan decisions when tired!
intro: this was a sell limit I set up last week. It triggered last night and I took profit this morning just above my pre-set target as I noticed that price had put in a newer high (7 bars ago) since my setting it.
thoughts: Am aware that there has been a steady trend up recently across the major pairs and particularly the GU, this can be clearly seen on the H4 chart above. A part of me looked at this this morning and thought "I wish I had been trading to the long side the past week or so". But in reality this a shorter term swing trend and would have been not only very difficult to trade given my current time restrictions (imposed by a busy life) but also there is a high chance that my success rate would have dropped as it would have meant drilling down to smaller time frames to find levels and these are never going to be as powerful as the longer term levels I am trading currently. I am tired today and am only blogging to document this trade but it's still amazing that a brief look at the charts when tired made me double guess my work/strategy. So am going to finish this up sharpish and turn the bloody charts off! There
summary: a simple short at long term supply with the daily long term trend down. There might well be opportunities down on lower time frames but now (wedding week) is not the time to explore them!
lesson: don't make trading/plan decisions when tired!
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