EURUSD
June 9 Trade executed and stopped out
Parent bias bull
NARRATIVE FOR MONDAYS DELIVERY
FRIDAY-Retrace Delivery
With previous day delivery taking buy side liquidity an obvious set up for a sell off for Asia into London
*Classic set up for a sell off day
*Price in a discount coming into Asia
*higher prices expected for Monday with a buy bias
*Price took sell side in NY session creating nesting equal lows
*anticipated for price to head to the 50 or potentially the noted equal highs
WHAT WENT WRONG
*too eager at Asia open when price expanded and bought right at the opening
*hindsight PATIENCE could have been employed to see if price wanted to come back down to engage the nesting equal lows and inefficient delivered price, from the dealers range
*cross reference DXY it gapped lower and came back to clear that before it rally for lows I noted in posted journal yesterday-I anticipated for DXY to have a sell off day
*why I did not buy at 21:00 when my set up formed-fear of being wrong and just be impulsive upon Asia opening clouding my judgement
*learning patience, learning no fear, its only a demo account so even if your wrong again you can study why
*1 trade rule a day and trying to keep to it
*your analysis was correct and need to be committed to your idea and not let a bad entry hold back
WHAT CAN I DO DIFFERENT
*apply patience upon the opening of Asia
*study the minor liquidity taken to wait for your set up to form before reacting
*study the dealers range delivery with higher sense of scrutiny
*do you really want to buy where you bought-NO its not a high odds probability trade with poor candle formation
TAKE AWAYS
I have been studying this Asia expansion trade and am really liking the results when I am patient to wait for it to set up
Mondays are typically my best days and I was too excited after three days of rest
Learn to sit back and wait for price to form and let it come to you-such a hard thing to do when all you want to do is be trading
June 9 Trade executed and stopped out
Parent bias bull
NARRATIVE FOR MONDAYS DELIVERY
FRIDAY-Retrace Delivery
With previous day delivery taking buy side liquidity an obvious set up for a sell off for Asia into London
*Classic set up for a sell off day
*Price in a discount coming into Asia
*higher prices expected for Monday with a buy bias
*Price took sell side in NY session creating nesting equal lows
*anticipated for price to head to the 50 or potentially the noted equal highs
WHAT WENT WRONG
*too eager at Asia open when price expanded and bought right at the opening
*hindsight PATIENCE could have been employed to see if price wanted to come back down to engage the nesting equal lows and inefficient delivered price, from the dealers range
*cross reference DXY it gapped lower and came back to clear that before it rally for lows I noted in posted journal yesterday-I anticipated for DXY to have a sell off day
*why I did not buy at 21:00 when my set up formed-fear of being wrong and just be impulsive upon Asia opening clouding my judgement
*learning patience, learning no fear, its only a demo account so even if your wrong again you can study why
*1 trade rule a day and trying to keep to it
*your analysis was correct and need to be committed to your idea and not let a bad entry hold back
WHAT CAN I DO DIFFERENT
*apply patience upon the opening of Asia
*study the minor liquidity taken to wait for your set up to form before reacting
*study the dealers range delivery with higher sense of scrutiny
*do you really want to buy where you bought-NO its not a high odds probability trade with poor candle formation
TAKE AWAYS
I have been studying this Asia expansion trade and am really liking the results when I am patient to wait for it to set up
Mondays are typically my best days and I was too excited after three days of rest
Learn to sit back and wait for price to form and let it come to you-such a hard thing to do when all you want to do is be trading
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