GBPAUD: Buyer & Seller LiquidityBreak and re-test sellers ruined.
Breakout buyers ruined.
That is enough liquidity to now create the next leg to either the upside or the downside.
I believe the next leg will be to the upside as projected.
Stoppedout
Stopped OutOne of the few tech stocks that showed a constructive pattern on the last few days. Still, this tech bear market gets everything. Might reset later and may buy if general market conditions improve.
STOPPED OUTStopped out. Pilot position of less than 1%. Breakouts definitely not working on this market. only 1 position left of less than 1% of portfolio. Market super volatile not good for traders with stops.
Stopped-->Back to cashStopped on my last position. It was working very well until now. Bear markets get every stock eventually. Keeping my trades super super small as pilot positions just to test the waters. Back to 100% cash. Super risky(volatile) market for swing trading breakouts with stops.
SHIBUSDT Breaking Main SupportIt's looking like the long position here may have been invalidated. Although, with a bounce of the upper line of the descending wedge, it may still be valid. However, if this breaks downward into the wedge and breaks the second support level, I wouldn't be looking to go long until price reaches the target-buy-zone shown on the chart. With a bounce off the upper line of the wedge, and with a move back above the main support level, I would be looking to get back into a long position. This not financial advice. DYOR
Keep CALM And Follow Your PLAN - 05/26/20 RECAPHi traders,
when we are evaluating our sessions, it's critical to recognize OUR mistakes and EXTERNAL events. That's why although I ended up in a minor loss today, I am pretty happy with the result.
My NEM trade "worked", but only after the institutional traders re-tested the opening prices which meant my SL was hit. Yes, losing money sucks, but seeing the idea eventually go along your intention is far better than screwing up your plan and losing because of it.
Trades:
1) NEM - SHORT @60.93, -1.05%
2) PLAY - LONG @13.26, -1%
3) MGM - LONG @17.22, +1.35%
*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: -0.70%
Total PnL for the week: -0.70%
Good trades,
Tom | FINEIGHT
EUR/USD Stopped OutJust got stopped out of a EUR/USD long trade
Losing trades will come just make sure they are small enough that your wins make up for them
For every winning trade i have it makes up for 2 losing trades
This is proper Risk/Reward
EUR/USD - 1 Hr - Went against meThis is why I put my entry order below that lowest point. Notice, I did not put it right at the support... Good thing I didn't, or else I would have been stopped out.
Day low breakoutBreakout of the day low ("A") + rebound from the resistance on D (~2800). Stop loss is above one of the dodji's highs on H1. Profit target is around 2650 (support on D). Market pinched a little above that dodji's high, let me out and went straight to my profit target without me. I should've watched the market for a possible reentry or set my Stop loss above Dec 4 high.
(Posted post factum)
EURUSD_How NOT to trade_Reflection of last week_2/12-16/18Last week was not good as I was on the wrong side of USD plain and simple.
On Friday - two weeks ago I opened a short position on EURUSD during what I considered a counter trend pullback. Unfortunately EURUSD decided to resume trend and run higher Monday through Thursday. Stoploss taken (see attached.)
By Thursday I was confident I had gotten my head on straight and identified a 4 hour sell signal on cad (by shorting USDCAD I was positioning long EURUSD. So I shorted Cad about 35 pips from the low, only to watch EURUSD fall roughly .77% Friday and USDCAD ripped higher to take my second stop loss of the week (see attached.)
I ignorantly felt like could profitably trade the counter trend pullback on EURUSD, only to watch THE EXACT setup I'm suppose to be watching for, a beautiful WITH trend reversal signal perform perfectly. But in that moment I refused to trade it because of my non-faithful short side bias. Not pictured is the perfect daily 10-10-20 slow stochastic that showed extreme prejudice for trend continuation.
By the time I had gotten my head on straight and accepted EURUSD's ability to run higher the move had already been made. Price hovered at the top of the range where I should have been taking profits.
The pain is punishment for lousy mistakes. Good news is I only risked 1% on the first trade and .5% on the second per trading plan detailing hurtful losses.I hope my followers my learn from my mistake. I also want to sheepishly comment I had been testing out new indicators and charts that I was unfamiliar with. When I pulled up my old style chart with the strong fib levels it became obvious how stupid this mistake was
Not going to rattle my cage. I'm playing these markets. Not the other way around....
If you found this lesson useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Oanda data shown. Material is educational only. Trade at your own risk!
OUT 2ND HALF ANF POSITION!In the money stop out on 2nd half of position.
Entry: $10.95
1st half: $11.24
2nd half: $11.25
Profit: 2.7%!
