This a a great example of why your shouldn't trade when you are tired, angry, having a bad run. You make bad decisions.
I was so desperate to bag a winning trade this week, I took this trade when I saw this pin signal at my pre-determined area of interest. In the cold light of day (and 1R down) I can see the error of my ways.
1. I should have been looking for a SHORT signal bouncing of the trend line, so why did I take a long trade? (The reason is probably because the earlier EURSGD trade did the complete opposite and bust right through that trend line and I thought this would do the same).
2. It is actually a Hanging Man signal, which is a bearish signal. Why did I choose to go Long off a bearish signal?
In future in these situations, remember that we should always be trading AWAY from resistance (or support) and never INTO it.
Not only was this completely in the wrong direction, but if I had set an order entry, the trade would not have been triggered and mistake would have been averted.
I was so desperate to bag a winning trade this week, I took this trade when I saw this pin signal at my pre-determined area of interest. In the cold light of day (and 1R down) I can see the error of my ways.
1. I should have been looking for a SHORT signal bouncing of the trend line, so why did I take a long trade? (The reason is probably because the earlier EURSGD trade did the complete opposite and bust right through that trend line and I thought this would do the same).
2. It is actually a Hanging Man signal, which is a bearish signal. Why did I choose to go Long off a bearish signal?
In future in these situations, remember that we should always be trading AWAY from resistance (or support) and never INTO it.
Not only was this completely in the wrong direction, but if I had set an order entry, the trade would not have been triggered and mistake would have been averted.
