Intro:Can't help seeing that I got the direction wrong on the GU and EJ but still like my trade plans because they were logical and objective. However the fact is I should have been long with the very strong trend today...Whats the answer? Honestly wrote the answer in a post last month ....Today I did the exact opposite to what it says, that being trading away from the last H4 level that has been hit. In both the GU and EJ the last H4 level that was touched was a demand level so I should have been looking for longs into H4 supply in both pairs.
GU Trade: GU price action had rallied to D1, H4 and M30 supply, I drilled down to the M5 and shorted on a Bearish engulfing pattern, after 3 bars of no downward progress I exited as momentum clearly wasn't showing up.
EJ Trade 1: Got impatient waiting for price to reach H4 supply and traded off a M30 supply level alone, once I realised I was wrong I closed out for a small loss.
GU Trade: GU price action had rallied to D1, H4 and M30 supply, I drilled down to the M5 and shorted on a Bearish engulfing pattern, after 3 bars of no downward progress I exited as momentum clearly wasn't showing up.
EJ Trade 1: Got impatient waiting for price to reach H4 supply and traded off a M30 supply level alone, once I realised I was wrong I closed out for a small loss.
here's a video about it...
EJ Trade 2: With the updated M30 supply level (from the pivot high this AM) just overlapping H4 supply I felt I'd have another go at shorting the EJ, again momentum didn't step in so got out on a time/momentum stop.
Smart move, considering how bullish GBPUSD was since yesterday.
ReplyDeleteThanks John!
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