Greetings!
What an awful image I found reviewing my forex experiment.
I used to take a screen capture once in a while when started in forex trading to keep some kind of journal... from ashes to ashes, and what an horrible image I found... this was one of the worst of a few that I´ve taken.
If you have some time, review the summary at the bottom... ouch!!!
Always remember, plan the trade and trade the plan. Never trade without a plan!!!
As you can see in this picture, just plain close price charts in one only timeframe, a lot of crosses and just hope. Bad way of trading and a disaster anticipated. A 400k sell position and BaM! price ran away like a rabbit to the other side, and without a stop...
The worst way to understand and learn what a margin call is.
Again... Don´t trade without a plan!
All investors are humans and despite any training they are susceptible of emotions... Right now I´m trying to educate myself on how to control and manage my own emotions... but as I see, I´m not too concern about fear or greed... I would call it anxiety
I´m not telling that I haven´t suffer the agony of fear or the shame of greed that result on a reverted position... right now, I´m aware about those emotions. Back to the beginning, I was playing russian roulette, but now I´m more consent of this and trying to manage them.
Why anxiety now? Despite if a position result a winner or losser, my only concern is what the hell happened... if my analisys was accurate or not, I´m not happy -or sad- for a winner or loser trade, my principal objetive is make a better analisys the next time.
... feelings, I wish I never meet you... you make me sick again...
No chart for now... I´ll try to post an update tomorrow.
Hello!
It seems that tuesday indecision bar just was a fake reversal signal and price went up a little bit. The next resistance level could be 1.5200 as round number but I don't see anything that could stop this uptrend, giving us the possibility to reach my projection target around 1.5350
Now we have an overbought stochastics and still divergence on MACD. Price could retract but I'm positive about May 11th as reversal day. A trade trigger could be a crossover on stochastics.
Tomorrow I'll post an update about AUDUSD that seems is working like a clock. The USDCAD doesn't behave as expected, fortunately I didn't enter the trade but sooner or later price is going to go up, maybe tomorrow.
Greetings!
Let's see... Price is now in a bullish trend. Remember that doji on april 10th?, price went up and reached the 1.272 fibonacci extension from initial swing and also a round number as resistance (1.5000). Then we realized MACD divergence and price retraced almost 600 pips to 1.4400 aprox. acting as support. Then a few bars of indecision to finally continue to a new high 1.5159 (tuesday, may 5th high -today-) but it seems that this is a incecision day as well, so what could happen next?
That's a good question. Stochastic is still showing a bullish trend and price seems to react in a trend channel, so price targets could be between 1.5325/1.5430 and more than likely 1.5352 Today's bar, as a indecision candlestick, make me wonder if price will retrace from now... I'm not sure, Do we have still divergence on MACD? It seems that we have. As counterpart, stochastic is not overbought, yet, so we have room a bit more to advance. My time bands are telling me that a change could happen on May 11th also time extensions, and that coincide with the trend channel. Stochastics on a weekly chart are still pointing up so price should upscale a little more to targets, then retrace.
The alternate scenario would be a downtrend starting tomorrow (wednesday, may 6th)... maybe a Gann pullback?
Another interesting pair right now, USDCAD seems so nice to go long... should I jump in? I hope not regret any decision
.............
Changing subjects. Uncertainty in my life... What should I do? There is a song that says... as more people I know, The most I love my dog... Is there still hope? Sadly I'm arriving to a dead end. There are questions that I don't have an answer for... Why you get up in the mornings? What is your motivation? Why to continue?
This post is only a reminder. Yesterday, May 1st, was the aniversary of my first closed position which resulted as a winner trade.
If you read a few of my first blog entries, you may also now that I started this with 600usd as initial capital, and that first winning position was for 102usd (204 pips at 0.50usd per pip)
That's when this thing hooked me.
Afternoon I'll try to post some reviews about those pairs posted in here and a late analysis of GBPUSD that I have abandon for a while.
Try to have a nice weekend! I have to try as well
