Ok. Here is an example of what NOT to do!! This is really a noob mistake, and the part that hurts a lot, is that I am not that much of a noob…
I really got butt f&%d on this one. An its totally MY fault. What I had figured out to be a very nice demand zone, was actually one. Price got well inside the zone. Price was showing indecision inside the zone. It was a zone also at a low support zone. Everything was in place for a nice reversal. At least, I would be almost sure to get to 1 ATR and move my stop loss to break even.
But here where the ugly comes in…..
I traded this 2 days BEFORE ONE OF THE BIGGEST FED CONFERENCE ANNOUNCEMENT!!!
So what happened….
Here is how the trade was placed:
Long at 1.1157. Stop loss at 1.1080.
Trade got opened. Then things started to go south…. (no pun intended….)
Fed conference.
And after the announcement…. Got a big F.U. candle, and my stop got hit big time.
So that’s that. And I’m seriously pissed… of myself.
Please, kids, don’t do stupid mistakes like this….. PLEASE!!
OK. Let’s go simulate for a while, and look for the next trade.
