Hey traders! Spoiler, week 3 does not look that good…
Trading History for Week 3
The first thing I would like to comment on is my trade volume, for week 3 I’ve only taken 3 trades. I think is an improvement compared to other weeks in terms of waiting for trades to come. Except that I fu*cked it up.
Trade Idea 1
EUR/USD, 17/09/24 – UTC+8 (5min timeframe)
For my first trade idea, I was looking to long the market. Here’s why:
Price took out the 4hr liquidity and broke structure on the 1hr. This indicates price was going up. Thus, I intended to enter near the 15min timeframe order block. However, the news was approaching so I waited for the price to react first before acting. Upon the news release, the price took a nose dive towards my intended long position and immediately spiked up taking 15min high (liquidity). This should have been a sign that the price took liquidity and was about to reverse. However, feeling FOMO I entered into a long position when the price came back down regardless. I then got stopped out.
Trade Idea 2
EUR/USD, 18/09/24 – UTC+8 (15min timeframe)
For my second trade idea, I was looking to short the market. Here’s why:
Price broke the 4hr high before diving down lower and breaking the 1hr structure, there’s manipulation followed by a break of structure (BoS) to the downside. This confirms the bearish bias. Hence, I took a sell limit order at the 15min order block. However, fear got into me as the price consolidated and went up, breaking the 15min structure. I then closed my position at 1.11395 at a loss (-$768). Next, out of tilt I went on to take another low-probability trade and lost -$1120.
Week 3 Trading Balance
Thoughts
There’s a lot to reflect on about my psychology and emotions when dealing with my trades. Trusting the edge and letting trade ideas to play out is crucial even though at that point in time, the price action may look like it is going to reverse. It is important to trust that the edge will play out over an extended period of time and let the price do its job to stop me out (invalidating my trade idea) or hit my TP.