jueves, 13 de junio de 2013

$AUDUSD End of the day review

-Describe the market sentiment

At the start of the day Aussie remained on a bearish tone, trading unemployment was a bad idea because it remained volatile without a clear direction, then it seemed to go lower when things calmed down, but it didn’t fall below 0.9426 and shoot higher to challenge 0.95, there again price got choppy but as it formed a triangle pattern my guess is that it had to shoot somewhere, my guess was down because of Nikkei crashing and global stocks going lower, but it shoot higher instead.

-Describe your biases if any

I’ve been waiting for a pullback for some time, and I got more losses than profits trading the noise at these consolidation levels, but I’m sticking to technicals short term and fundamentals long term, Aussie direction is still down but I’m currently playing a rising channel, I won’t question it and I’ll ride it till it breaks.

-Post Relevant Charts & Data


-The Good and The Bad

Good: got a big winner finally, understood that I couldn’t trade a tighter stop than the ATR on my strategy, realized that I have to let go my fear of missing out.

Bad: I have way too many losses, it will be hard to recover in two weeks to end the month in positive, and lost valuable opportunities.

-The Day Ahead - Levels and Patterns



-Mindset Log

My confidence is quite fragile right now since I’ve made a lot of mistakes due to overtrading, fear of missing out, change of market behavior and technical issues.

Despite there’s a persistent risk of Aussie selling off I’m going to stick to technicals because I don’t feel confident to make bold calls based on my perception of price action.

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