ForexSpirit

I made as many stupid mistakes today as I did correct ones.

The hourly chart had price flirting with the support level at 1.4320 right at the start of my trading session. The obvious play was to look for long entries at least up until the middle of the range at 1.4350.

But I doubted myself right from the off. Long seemed too easy and I decided to see if 1.4320 would get pierced on some sort of breakout attempt. This flip flopping is pretty unusual for me. I think there are still a few after shocks from last week that are attempting to put me off balance. Sometimes trading is easy and just all about taking advantage of the obvious. Note to self: don’t make it more complicated than it needs to be.

Bias: short
Conviction: weak

I thus sat out the move up until price hit the middle of the range at 1.4350 and I started looking for a short off the resistance level. I put on the orange entry and was shooting for 5 pips which I never managed to obtain. I held the position instead of closing it out as I was only going to change my short bias if the 1.4350 level was broken. If it did I was going to go long and look for moves towards the top of the range at 1.4370.

1.4350 did break and I bailed. I flipped to a long position with the blue entry. This whole sequence went to plan. I knew what I would do no matter which way price moved.

My second flip flop moment of the day spoiled my well laid plans. With price ranging between 1.4351-5 I again started to doubt myself. What if price broke below 1.4350 again? Would I go short or stay long? My mind was indecisive and I decided to just get out of my long to clear my head.

The chart shows that I then flopped and went short when price touched the 50 level.

Hindsight is a beautiful thing and shows that I should have stuck to my guns. Instead of reversing again I should have added to my long sequence.

Instead I had to settle for working my short sequence to an unsatisfactory end making it out at BE a few minutes into the 7:00 EDT hour.

There was a kernel of good trading today that was sandwiched between some less than stellar decision making. If I had traded today exactly the way I know I should be doing it then I would have had a very decent day. But some days there’s a gulf between theory and practice. I have to keep attempting to close the gap.