GBP/JPY. 4Hour time frame. Chart and circles again... As the title says, this is a failed trade. Flopped. Lets get to know the circles. Yellow = My intented TP. Green = My Entry. Red = My Stop Loss. Blue = My loss if it were to happen months ago, to that old me who dont place Stop Loss.
Analysed the chart, a conclusion of a downtrend is what came to me at that point of time. U know, low lower than previous low and high lower than previous high. Same goes to the 50 and 100 MAs that signals downtrend in progress. Anyways, what i think is of no importance. We have to respect the fact that the chart is in no obligation to follow what we analyse.
Like anyone else, i was frustrated and angry at myself for this lost. I close the chart and stop trading for the day. Soon enough when im more calm, i start to think back what has gone wrong, is it myself or just part and parcel of trading.
Well i waited for retracement to 50MA(green MA), trying to do a pullback trading that i've been successful recently. But this time round, i wasnt patient enough to wait till confirmations of a fail rally at a key resistant price. I just go in at that price EXPECTING a fail rally to occur soon after, like before. To my dismay, price shot past the resistant level n went straight to my SL.
A lesson learnt with experience gained at least. And thankfully this time round, stop loss placed and only -55pips is suffered instead of the usual -100+ pips that im capable of coming up with in the past. LOL.
Trying to be optimistic perhaps?