When Not to Trade
Sometimes it is better not to trade. Today for me, was one of those days. I was extremely tired, which happens from time to time as I get up at 1:30 am my time to trade. This can lead to mistakes. Today's trade idea is a good example, although GBPAUD was in a bullish run and I was looking and posted an idea for a pullback trade, there was signs of a reversal. I believe if I was awake and thinking clearly, I would have seen these signs from the beginning. Fortunately, I was able to close my long trade for a small gain (+ 5 pips). The following is a list of indications that I missed because I was tired.
First, The market had already pulled back and bounced off of my moving average, so it is less likely to happen again;
Second, the Ma was flattening, as opposed to staying in an uptrend, which is never a good sign;
Third, I missed that the market had hit the 60 min Senkou A, which can always be expected to provide resistance;
Fourth, The market fails to hold bullish as evidenced by the long wicks. Moreover, This is a great indication that the market
is getting ready to reverse and a great selling opportunity
IMHO, Trading is hard enough without making avoidable mistakes. I hope this helps others
Allen
First, The market had already pulled back and bounced off of my moving average, so it is less likely to happen again;
Second, the Ma was flattening, as opposed to staying in an uptrend, which is never a good sign;
Third, I missed that the market had hit the 60 min Senkou A, which can always be expected to provide resistance;
Fourth, The market fails to hold bullish as evidenced by the long wicks. Moreover, This is a great indication that the market
is getting ready to reverse and a great selling opportunity
IMHO, Trading is hard enough without making avoidable mistakes. I hope this helps others
Allen
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