Hey guys.Last day I put on a long position on the EURUSD. Entry point was 1.11000, SL 1.1088 and TP 1.1141.
Here is my analysis. Please share whit me what I couldn’t see in chart. I entered where I point
You couldn’t see the bigger picture.
You used a ridiculously tight SL.
You should have been short.
You would have made bunts.
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Hello @l-nabonaga,
I’m not an expert but here is my opinion.
You bought in a market that’s clearly a downtrend , so that’s the first mistake to me.
We know countertrends don’t last very long, and in this case, a minor structure had been broken on the H4 in continuation of the bearish trend.
What time frame do you base your analysis on?
Where you entered assuming it was after the close of the 8:00A.M H4 candle, I can see why you went long, however, if you use indicators such as MA’s, the market was clearly bearish at this point.
Me personally, I would only long after the market breaks and retests the bearish trend line, as thats a high probability trade.
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making mistake is not a big deal , no way to avoid making mistake in spite of having much knowledge and experience. but if you do same mistake again and again its not a mistake , its just a choice.
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Yeah I didn’t pay attention to trend line
thanks to @The_Baller and @eswairuri for helping
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agree with you completely, same mistake again is just a choice.
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You were a little too early on the long. If you are trading a demo account I suggest you look for a long at around the 1.1067 level. There is a probability of a long there however please note that this info was gathered by a quick look at the charts on my phone so I could be wrong.
IMPORTANT - If this is not a demo account then please do not take the long on my suggestion. For anyone else reading this post please do not take this trade unless you are on a demo account!!!
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I am not an expert but still trying Going long on a downtrend, should have gone short instead to reduce the loss.
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