I had 3 losing trades today, stopping the run of winners that I have posted about recently. My losing trades are all outlined below. Out of the three trades that I took, two were where I followed my rules and the last trade was a revenge trade.
Trade 1 - FTSE
For this trade I entered a long position when the price action had significant move up and the price pulled back into the 200 period moving average.
I was comfortable with this trade because this was a shallow pull back and price was showing a lot of strength. The image doesn't show that the price actually moved up a lot further. However, price moved back to the downside subsequently and I was stopped out. I did not move my stop after it moved up because my rules don't allow it until I hit 3R before I move my stop to at least break even.
Trade 2 - Silver
This trade was within my rules because there was strong buy pressure after piercing below the 200 period moving average. Silver is in a bullish uptrend so I was always looking for a good entry point.
After the entry, price did move to the upside into marginal profit relative to the risk taken. The entry bar looked strong because when the price hit what looked like a clear support zone the bulls were immediately buying.
Eventually started moving to the downside and overnight my trade was stopped out.
Trade 3 - GBP/CAD
GBP/CAD during the course of the day had fallen over 1%, which in forex terms is a serious move!
I was already in a few long trades with GBP/CAD and up until today I was in significant profit and during today all that unrealised profit was being evaporated. This caused a lot of emotional pain to see.
Unfortunately I decided that I would wait for a sign of a reversal and enter. As you can see from the image there was a bullish bar but by no means was this any sign of a reversal so this was a wreckless trade. The only positive thing about this trade was that the risk I took was less than $15.
The other GBP/CAD trades are still in place and I am consciously telling myself if the downside action continues I am to be conscious of how I am feeling and I am trying to imagine stopping out now so that I can stop myself performing any revenge trades.
The total results of the day are outlined below:
Trade Clearly!
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