What am I doing wrong? I’m doing something wrong as it keeps happening and kicking me out of trades. Yesterday I opened a short position on the EURNZD with the trend on the daily showing a downward movement is developing and H4 chart showing the downward trend had already started.
My entry point on the trade was 1.69025, looking to go short with TP set at 1.67 and SL at 1.705. Shortly throughout the day price started to move in the opposite direction reaching before coming back down again round to 1.6920 as I type this. Fortunately this time I am still in the trade, price keeps following the trend down. The other three times this happened I took a whack, price hit SL and got kicked out of the trade. The first time it happened was on this currency pair, there was an upward trend and I decided to go long buying at 1.72729:
There was a initial re-tracement before price peaked at 1.73 and then it dropped, kept dropping until it hit my SL taking me out of the trade.
I thought I had learnt from that but then it happened again, entering two trades. One was on EURJPY and the other GBPJPY, entered both trades on the same evening (25th June; GBPJPY @ 136.018 and EURJPY @ 121.843) as both were on a downward trend on the daily and H4 chart. By 12:00pm the next afternoon price had already moved against me on both pairs. The trend was still downwards, I left the trades open as it still had not reached my SL before taking me out of both trades when the market opened on the evening of 30th June.
I have not changed the analysis I perform before entering a trade but, this issue is something that I really want to avoid as it is the reason why I am not profiting despite having more winning trades. Any thoughts ideas would be appreciated