Thank you very much for taking time to analyze my trade and reply. It helps me a lot, and in fact here is a list with what I think I learned from your posts:
1.The fact that the last high was lower than the previous high should have been indicating me that the trend might not be continue or that ** it could be ranging.** This is an answer that I’ve been looking for for a while because I was afraid to trade even with the trend thinking that: what if the trend is actually reversing now?
If setting the entry point based on something, then the SL/TP should also be set according to it. My mistake was that the entry was based on the falling wedge but the SL wasn’t just under the superior limit of the pattern, it was way lower.
Consider indicators if decided to use it. Lately I’ve been reading/seeing lots of articles/video that were saying that the price is the main goal, and the indicators should only confirm it. My mistake was that I didn’t consider them for this trade(except for MACD on 4H).
I should use the ATR. Not sure quite exact how to incorporate it…
Have patience is things are unclear.
@QuadPip Indeed, for the 1H I didn’t consider the indicators, because on 4H the MACD had a buy crossing signal. And yes, I considered mostly the falling wedge pattern. Thanks for the tip.
@tradeforex077 Don’t worry, I’m not taking it to heart, I’m actually happy that you share your knowledge. I usually use indicators, mostly Stochastic but I somehow considered that “price is more important” and I neglected the indicators…
@MattyMoney I trade the smallest size my broker allows me to. and that is 1 microlot(0.01). I wish I were on the right track… I have 7-8 months on demo and I’m still not on the winning side… All accounts started with 500 euros and all finished under.
If it is ok with you all, next week I’ll try to take some trades(or at least one) and post it my result. I would glad to have your support from time to time here… I really want to become profitable. I’ve invested too much time on forex…