Trading plan: 50.2022
Updated
Last week: Price bounced from support 1.21 as we thought but all the trades I took were lost. I put the SL too tight (wanted to have a bigger risk: reward) or opened a position in a strong move in a smaller timeframe (M15 - being greedy) without looking at the bigger picture in H4 timeframe. It is bad and needs to avoid.
This week: Price formed 1 potential trendline and 1 support. Price also could not move higher above 1.23. Price seems to lost its bullish momentum. Price tends to break the trendline and pullback. If it breaks the trendline, targer 1 (1.21) and target 2 (1.19) are our pivot points.
Pivot points:
R1: 1.23-1.2350
S1: 1.21-1.2150
S2: 1.19-1.1950
This week we have US-UK Inflation, US-UK Interest Rate Decision, all strong news. I would need to be very cautious.
This week: Price formed 1 potential trendline and 1 support. Price also could not move higher above 1.23. Price seems to lost its bullish momentum. Price tends to break the trendline and pullback. If it breaks the trendline, targer 1 (1.21) and target 2 (1.19) are our pivot points.
Pivot points:
R1: 1.23-1.2350
S1: 1.21-1.2150
S2: 1.19-1.1950
This week we have US-UK Inflation, US-UK Interest Rate Decision, all strong news. I would need to be very cautious.
Note
This week, price reached target 1 (1.2120-1.2150) but we didn't expect it made a false break at resistance 1.23. It caused me a long trade to be a lost trade but eventually I could make another short trade to cover this loss. I also didn't expect a strong price drop, so a take-profit target is just 60pips, SL 20 pips. I missed 100 pips profit for that trade.
Still, the most lesson I haven't learned yet. Need to focus on bigger timeframe: D1-H4 and don't open trade with emotion.
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.