I usually write the post at the end of the day. Today was a bad day for my forex trade. I missed three good trade. I could get at least 30 pips there as there were almost no negative movement after confirmation of the signal. After that three more trades.... 6 pips could be collected here, if not more.
Price was now moving towards upper TL. Price already produced three tops at Daily pivot. So a downward movement was exptected.
This entry signal was a valid signal by advance strategy.
According to thie advanced strategy, I entered into short position but price quickly reversed. See the daily chart, price is little bit bullish after two consecutive large bear candle.Overall trend was downwards. My entry was one candle late. I could grab 8 pips. But I got 2 pips before price moved towards north. Price is then produced a shooting star.
It was a bear call. I got into the trade but again late. That's why I'm saying that it was a bad day for my fx trade. Price movied again sharply against my trade. If I could get into the trade at right time I could get at least 5-6 pis there before the move. But I managed to minimize my loss at -4 pips.
Price again moved beyound the upper TL to move the upper TL further and again produced a shooting star (I'm consfused about whether it's a shooting star or not). Price again moved downwards as expected.
I again took a short position there and probably another delayed entry. As the signaling bar was always making a large movement with a shorter bar following it. Then price starts to go reversed direction. This time I managed to get out with 1 pip only.
So overall a very bad trading day. On the other hand, it's good to save account with smaller loss. Now I think I'm faceing difficulty in entry by advance rule. Need more practices..
Now withing last 2 hours of London close. Price is moving towards lower TL. After a bounce from there a good buy signal is devloping.
But see, MACD is still black, and EMA hasn't yet crossed on the signaling bar (long bullish, second last bar). So I'm not taking this trade.
See what happened here. Price moved opposite direction after the signal bar is closed.
Price is moving sideways now. Look, two missed trade at around US session open. Really bad day for me.
A good short signal is developing on the background of a downtrend in last few days. See what happens next.
Stoch gave a valid signal but price didn't move significantly. The stoch is in over bought area, crossed and came down cleanly, But MACD was still blue and price was moving sideways. So presence of all criteria is mandatory for the system to work properly.
Total Pips: 2 - 4 + 8 + 1 = 7 pips
It's good to notice that Immediately following NY open price moved 16 pips upwards nicely. I think, I'll have to keep an eye on this price action pattern regularly to take these nice pips without facing any trouble if possible. Lets see this price action in the chart.
See, good upward movement of price. I'll focus on this on regular basis. Let's see how many winner we can get along with loser/no trade.
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