NZDJPY SHORT ENTRY
Wait for the completion of Mondays candle before entering into this one, we hopefully get a text book high test.
That being the case, enter short as per the short entry box. Its a rough area not exact levels of where to enter. Use the lower timeframes to invalidate the trade.
If still unsure don't enter the trade at all. Sometimes thats the best course of action.
Good luck.
That being the case, enter short as per the short entry box. Its a rough area not exact levels of where to enter. Use the lower timeframes to invalidate the trade.
If still unsure don't enter the trade at all. Sometimes thats the best course of action.
Good luck.
Trade geschlossen: Ziel wurde erreicht:
$$$
So the idea over all worked, but truthfully i didn't enter the trade to the downside as the price simply headed lower without a real reversal candle making an appearance. If you took my advice, you also wouldn't have entered the trade to the downside.
So why not take this trade? Although it worked out for those that did enter the position. The danger was in the Bearish candle that occurred prior to the Monday candle i was waitng to enter this trade to the down side on.
Although we can see the H/S pattern. The Bear candle had already moved south. It didn't represent a proper reversal candle at all. (DOJI, HIGH TEST) At the most you might be able to argue it looked like a BEARISH inside bar. It opened and closed below my level at the 81.000 level as well, suggesting we may have missed the move lower already.
JOURNAL AND REVIEW
Always go back over your losing and winning trades and find the lesson to be learn't. Review your entry criteria and update the criteria you personally use to enter trades. Have a plan and stick to it. Journal your entries and try refining the criteria using that journal process. If you haven't got the base line info from your trading activity. You cant expect to be able to see where you can make improvements.
In this case,
1) I would possibly look at moving that 81.000 level slightly to see if i missed other touches.
2) I could zoom out to the Weekly chart and see if i could add confluence through a reversal pattern appearing on the higher time frames.
3) The 4Hr chart may have had break of its 50 EMA to the down side.
You get the idea, but i felt its important to mention the above.