This week was very uneventful. I took several losses. Some trades just didn't work out. Other trades were due to my impatience as the entry decision was not optimal. I'll cover several trades and let's hope these lessons learned translate to a better June.
AUDJPY:
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| AUDJPY Daily |
- The overall structure was a strong uptrend as price is holding is holding EMA60
- I spotted a higher-low, which served as an indication for me to look at the lower timeframes
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AUDJPY H1
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- On the one-hour (H1) timeframe, I plotted a horizontal level and a descending trend line (DTL)
- When price crossed above the DTL, this indicated that the pullback move was over (probabilistically speaking)
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| AUDJPY H1 |
- Price did move in my favor and did make a higher-low
- However, I had to manually exit this trade when price crossed back below EMA60
- In hindsight, I should've moved my stop loss to break even so that I was protected against whipsaw movements
EURAUD:
Literally the reverse of AUDJPY, I experienced a similar encounter on the EURAUD pair.
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| EURAUD Daily |
- The daily structure was also very clean with price cleanly bouncing off of EMA60
- The pullback prompted me to look at the lower timeframe
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| EURAUD H1 |
- On the H1 timeframe, price crossed below EMA60
- In addition, price bounced and held resisted below EMA60 with a "bounce"
- When price crossed below the ascending trend line (ATL), I entered a short position
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| EURAUD H1 |
- I made an attempt to scale into this trade and, unfortunately, the momentum was short-lived
- I manually exited this trade when price crossed above the EMA60, signaling a lack of confluence across the lower and higher timeframes
GBPCHF:
This next trade was a mistake. I should not have taken this trade at all and here's why.
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| GBPCHF Daily |
- This daily timeframe should speak for itself - there was a lot of indecision and no clear trend because price whipsawed and traded both above and below EMA60
- I should've monitored this pair until a directional bias is established; however, I ended up rushing this entry
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| GBPCHF Hourly |
- I forced this entry by placing a sell stop just below the neckline
- Although I know it wasn't a good move, in hindsight, I could've reduced my size and have a very small commitment in this pair
EURUSD:
Near the end of this week, I experienced two more trades not playing out.
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| EURUSD Daily |
- The overall trend structure was weak with price whipsawing above and below EMA60
- However, price formed a double-top and crossed below EMA60, which also crossed below a neckline that I plotted
- This double-top formation led me to be slightly more bearish on the EURUSD pair
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| EURUSD H1 |
- On the intraday timeframe, I plotted an ATL and entered my sell trade when price crossed below
- My analysis indicated that this pullback move is coming to an end and we are going to see more confluence
- One mistake here is the position size, which should have been reduced given the lack of a clean daily structure
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| EURUSD H1 |
- Shortly after I entered my sell trade, price did drop sharply
- However, the whipsaw nature meant I quickly returned all the profits
- In hindsight, I could've moved my stop loss to breakeven to mitigate risks associated with the sudden loss of momentum
In parallel to the EURUSD trade, I also took a sell trade on the GBPUSD pair with nearly identification price action analysis and outcome.
This post has covered the majority of the trades I took this week, which did not have great outcomes. For some of these trades, I could've done better with reducing position size. GBPCHF is the only trade that still haunts me as that was one I should have skipped out entirely.
