- Initiated a short EUR/USD yesterday at 1.3193 on basis of 1. still valid SHS top on weekly chart, this upmove being the pullback to the neckline. 2. Daily chart running into overhead resistance around 1.3200.
- Trade worked almost immediately and daily candles (red=down) from Mon + Tues together indicate possible reversal to downside. Added to initial short at 1.3077 when we took out Mon's low.
- At inception, placed profit take order on the initial 1.3193 short at 1.3028. But given the very tiny positions I am running (after a horrendous Jan), decided earlier today that it was just not worth the hassle and better to just let the position run as I am looking for a return to 1.2850 at a minimum. Market was trading around 1.3050 when I pulled the order.
- Sure enough, low of the day in ECH2 = 1.3027! I would have been filled if I hadn't changed my mind. And now, it's all the way back up to high on day of 1.3221. And overall position is now out of the money.
- Sigh! Very humbling.
3 comments:
it has been a real struggle for me too, so far this year. Tired.
And it's only beginning of February!!
If its any consolation, years that start off badly almost always end up well. Maybe its because the early slap in the face makes us more careful afterwards.
TS, perhaps you should look at optimizing your entry at extremes on the daily or 4 hrly charts. When you have a good entry, it provides leeway for the trade to work or get out at a small profit, or at worst a minimal loss.
Anyway, I am sure you will recover as the year progresses. Luck comes both ways!
Pandu
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