Lots of back forth today. Felt like I was fighting a battle. Even though there was lots of movements, price wasn't behaving the way I'd like for most of my trades, though I did come out ahead in the end.
Small profit on first trade, then two consecutive losses. Then an easy win on the fourth trade. The market had been going down hard all morning and I felt that it would continue to do so but price ranged for a bit then rose and came back down. When it headed down I strongly felt that if it broke past the previous low it would continue a bit for a winning trade. So I put in the pending, and the order hit (circled). Enter, the war of the wills. Price immediately stalled, then moved down a tad then up, putting me negative a couple pips. I still felt strongly that price would go down but I started to doubt myself. Normally I would have exited already but I held on, still thinking it would go down. I recalled ForexBird's quote that "assumptions are quickest way to perdition" and gave another thought to exiting. But I didn't feel like I was just hoping it would go down, I actually felt it would based on the trend strength, price action, etc..So cupped my nuts and held on. Price then took a swift dive and stalled once more, which was my cue to exit. As you can see, price continued downward so I left some pips on the table. In a previous post I mentioned that I have to work on holding longer when I feel it will pop well. So today I did that with the entry, but I have to start doing that when it goes in my favor. Hold on a bit longer for a larger profit.
Anyway, 5th trade was a small loss.
Price had been making smooth moves once it hit/crossed the ema so I put in some short pendings to go with the trend. But around 7:10 it seemed to me the trend was changing so I canceled the short and went for my usual breakout/continuation trade, but going long. Which won me the battle and saved the day. Yooo-Joe!
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