Apr 27
GBPJPY 27 Apr
This is a trade I missed…. I could have sold one pip below Candle A, which is an outside candle. Another possible entry is one pip below Candle B, which is a Pin bar.
However, in both cases, the signal candles did not really stand out… I would prefer candle A and B to be longer… so, I chose to skip this trade… which, unfortunately is working out fine at the moment… oh well…
Reason for entering trade:
- Resistance at long term bearish trendline (Candle A)
- Resistance at moving average and Fib 61.8 (Candle B)
- Price Action
- MACD Divergence (refer to “The bigger picture” below)
The Bigger Picture GBPJPY 27 Apr
The Even Bigger Picture GBPJPY 27 Apr
Update:
This trade would have netted 296 pips if entered below candle A, or 254 pips if entered below candle B.
Apr 21
I learnt that whenever I am afraid of missing out on a good trade, I tend to get impulsive and will almost inevitably end up making bad decisions.
I need to remind myself that
- it is impossible for me to catch all trends
- a single good trade a week is enough for me to meet my target
- a bad trade avoided is equivalent to a good trade made (negative * negative = positive)
Apr 18
USDCAD Triangle Breakout
If I only drew the bearish trendline, Candle A may have tempted me to sell.. (inside bar at trendline). However, I always find inside bars tricky as they do not trap any traders.
If I drew the bullish trendline as well, I would realize that a triangle is forming and would wait for a breakout to occur.
One possible entry is two candles later, at one pip above candle A (The candle after candle A is a bear trap and a double high with candle A).
Another better entry is at candle B.
