EURUSD short trade.
Pre-Analysis:-
- EURUSD show possible sign of weakness.
- It probably a no result from effort condition and price may drop.
Entry:-
- Reason for entry on 15 minutes timeframe was, an upthrust bar
- Risk of 1% ($ 100)
Post Analysis:-
- A loss trade ($ 90.88)
- Terrible mistake on this trade. Trade influenced by fear of missing out.
- The higher timeframe hourly show price still above MA trend line. It may indicate buying still present.
- Trade should be taken with price below MA trend line, this is rule do not break trading rule follow exactly.
- Be patient !!!
- Wait for the right setup according to trading rules. Although the background show weakness but the setup wasn't there.
Alternative Trade:-
GBPCAD long trade
- GBPCAD show strength with I believed bottom reversal indication. With volume very high it show sign of reversal.
- Once it broke high of the reversal bar than expect price to go higher.
- Price then push above MA trend line, it add more strength to it
- On 15 minutes chart test bar appear.
- When price broke high of the test bar it indicates the test was successful.
- Potential profit of 6.58R