Day 4 Trade Journal (2) (Thur, 13th August)
Asset- GBPCAD
Trade Type- Long Setup Update
Checklist-
a) A Daily Bullish Channel
b) Key Support region that confluences with the Trend Support,
c) 4hr bullish Crown Pattern.
N/B: After the Buys, got carried away by sleep, the second position was after I woke up, and I also spotted;
d) Validated 1hr Bearish Channel
e) 15mins Bearish Crown pattern
Execution - Instant
Analysis TF- D1/4hr/1hr/15mins
Entry 1- 1.8817, Entry 2- 1.8816
SL - 1.8790
TP - 1.8910
Comment: After holding this trade for 4hrs and price has not left my entry, I re-assessed the trade setup. Then I realized I was about repeating the same mistake I did in GBPAUD trade yesterday.
I spotted my entry was at the right shoulder of the 15mins Bearish Head and Shoulders pattern, and price was struggling to break above the region.
I Learnt from my mistake and closed the positions instead of waiting for it to drop down to add positions expecting it to buy back.
The setup was exactly similar to GBPAUD trade I took yesterday that got the account into drawdown, but this time, The buys I caught on GBPAUD around 1am before entering GBPCAD, has covered the losses, with extra profit on top.
I've exhausted 3 positions already this morning from my trading plan. 2 more to go for the day and I'm done. Will be looking for setups to trade during New York session.
