Today is a good example of why I use line charts. Line charts shut out the noise when the volatility is very high. Looking at the 15M chart you will find a 20 pip range of volatility that was stuck in a consolidation pattern.
This 1H chart shows that I entered at the bottom of that trading range at the worst time.
I was hoping that the price would hit 1.0500.
Friday is not an ideal time to predict moves that large unless you're willing to hold through the weekend as NY banks are the only market movers during the mid-late NY session.
I was in the red for a good part of the day but I looked at the round number 1.0550 and thought it could reach it. I made a small profit luckily but remember to look at multiple timeframes and line charts to help make sense of markets that have no clear direction.
Not a great day but I saved myself from losing money through experience with psychological trading analysis.
Stay humble and don't stop learning!
This 1H chart shows that I entered at the bottom of that trading range at the worst time.
I was hoping that the price would hit 1.0500.
Friday is not an ideal time to predict moves that large unless you're willing to hold through the weekend as NY banks are the only market movers during the mid-late NY session.
I was in the red for a good part of the day but I looked at the round number 1.0550 and thought it could reach it. I made a small profit luckily but remember to look at multiple timeframes and line charts to help make sense of markets that have no clear direction.
Not a great day but I saved myself from losing money through experience with psychological trading analysis.
Stay humble and don't stop learning!