26 November 2009

AUD/USD : Post Mortem of Trading Mistake

  • Shorted AUD/USD at close of last week. In hindsight, I was trying too hard to force a trade, using obscure reasons like outside range price action to anticipate a turn and a poor excuse to jump in early. (Stopped out last night). If it doesn't come naturally, leave it.
  • My excuse : I was influenced by a "Rosenberg" bias.
  • Review weekly chart here - UpTL unbroken. WAIT for it to break first! Or better yet, wait for a classical reversal pattern to form before putting on a trade.
  • Stalking this. Next week UpTL passes thru at 0.9189. This week it's at 0.9135.
  • The bold UpTL has multiple points of support. It's a very good one. Either it will hold the trend firm or if broken a major change is being flagged.

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