EURUSD
June 9 Trade executed and stopped out
Parent bias bull
NARRATIVE FOR MONDAYS DELIVERY
FRIDAY-Retrace Delivery
With previous day delivery taking buy side liquidity an obvious set up for a sell off for Asia into London
*Classic set up for a sell off day
*Price in a discount coming into Asia
*higher prices expected for Monday with a buy bias
*Price took sell side in NY session creating nesting equal lows
*anticipated for price to head to the 50 or potentially the noted equal highs
WHAT WENT WRONG
*too eager at Asia open when price expanded and bought right at the opening
*hindsight PATIENCE could have been employed to see if price wanted to come back down to engage the nesting equal lows and inefficient delivered price, from the dealers range
*cross reference DXY it gapped lower and came back to clear that before it rally for lows I noted in posted journal yesterday-I anticipated for DXY to have a sell off day
*why I did not buy at 21:00 when my set up formed-fear of being wrong and just be impulsive upon Asia opening clouding my judgement
*learning patience, learning no fear, its only a demo account so even if your wrong again you can study why
*1 trade rule a day and trying to keep to it
*your analysis was correct and need to be committed to your idea and not let a bad entry hold back
WHAT CAN I DO DIFFERENT
*apply patience upon the opening of Asia
*study the minor liquidity taken to wait for your set up to form before reacting
*study the dealers range delivery with higher sense of scrutiny
*do you really want to buy where you bought-NO its not a high odds probability trade with poor candle formation
TAKE AWAYS
I have been studying this Asia expansion trade and am really liking the results when I am patient to wait for it to set up
Mondays are typically my best days and I was too excited after three days of rest
Learn to sit back and wait for price to form and let it come to you-such a hard thing to do when all you want to do is be trading
June 9 Trade executed and stopped out
Parent bias bull
NARRATIVE FOR MONDAYS DELIVERY
FRIDAY-Retrace Delivery
With previous day delivery taking buy side liquidity an obvious set up for a sell off for Asia into London
*Classic set up for a sell off day
*Price in a discount coming into Asia
*higher prices expected for Monday with a buy bias
*Price took sell side in NY session creating nesting equal lows
*anticipated for price to head to the 50 or potentially the noted equal highs
WHAT WENT WRONG
*too eager at Asia open when price expanded and bought right at the opening
*hindsight PATIENCE could have been employed to see if price wanted to come back down to engage the nesting equal lows and inefficient delivered price, from the dealers range
*cross reference DXY it gapped lower and came back to clear that before it rally for lows I noted in posted journal yesterday-I anticipated for DXY to have a sell off day
*why I did not buy at 21:00 when my set up formed-fear of being wrong and just be impulsive upon Asia opening clouding my judgement
*learning patience, learning no fear, its only a demo account so even if your wrong again you can study why
*1 trade rule a day and trying to keep to it
*your analysis was correct and need to be committed to your idea and not let a bad entry hold back
WHAT CAN I DO DIFFERENT
*apply patience upon the opening of Asia
*study the minor liquidity taken to wait for your set up to form before reacting
*study the dealers range delivery with higher sense of scrutiny
*do you really want to buy where you bought-NO its not a high odds probability trade with poor candle formation
TAKE AWAYS
I have been studying this Asia expansion trade and am really liking the results when I am patient to wait for it to set up
Mondays are typically my best days and I was too excited after three days of rest
Learn to sit back and wait for price to form and let it come to you-such a hard thing to do when all you want to do is be trading
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.