These were two good trades and even though I just didn't get in on time, the reasoning behind getting in was perfect and we would have been in and out in a matter of an hour.
Two great trades in my opinion :clap:
Another setup in GBPCHF. Although the 4 hr chart looks borderline. If price hits my order level then it will be above the sma.
Order to buy 0.7 lots (Remember my money management) at 1.4574
Two important lessons to learn from yesterdays trade.
1. By not factoring the spread, I got in the trade too early and was stopped before the proper entry target had been reached. Viewing the chart now, I see that I could have at least hit BE when the trade should have actually triggered.
2. My disappointment at not getting in the trades earlier probably prompted me to get into the next trade without proper analysis. In hindsight, one could see that the daily high would have offered resistance and my RR would not have been met and I would have to monitor the trade closely. This should not have been a "set and forget" trade.
Buy signal triggered on GBPUSD
Got in on the retracement back to the entry level at 1.56753
Calculated lots incorrectly.
Opened with 2.5 lots when it should have been around 1.1
Closed 1.4 lots when price went into profit. I need to stop being so eager and get my ducks in a row before pulling the trigger. This has to stop.
Profit from stuff up with lots = $81
Profit from this trade = 34 pips ($480)
Balance = $6836
Apart from my stuff up with the lot size, this was a well analysed and executed trade. Gonna take the Captains advice and give it a break for a little while. I agree that the holidays are not the best time to be trading.