This should be a learning moment, not sure how though

[Martalak]

Hi,

Well, I started demo trading on FxPro cTrader platform.

I thought all looked good to go short, but alas, I was wrong.
What did I overlook? :15:

I went short on EUR/USD at 1.09357, a bit about 3 pips lower than I planned.
I had a SL at 1.0965 since I was sure the price would drop after the ADP news would come out because of the better figures.

I checked H4, H1, M30 charts and used M5 to check on latest movements.

As this was my first time using the tool (and after reading school for the biggest part), this is what my chart looked like.

Any suggestions on what I did wrong, are welcome.

[Toekan]

@Martalak

Hi,

Well, I started demo trading on FxPro cTrader platform.

I thought all looked good to go short, but alas, I was wrong.
What did I overlook? :15:

I went short on EUR/USD at 1.09357, a bit about 3 pips lower than I planned.
I had a SL at 1.0965 since I was sure the price would drop after the ADP news would come out because of the better figures.

I checked H4, H1, M30 charts and used M5 to check on latest movements.

As this was my first time using the tool (and after reading school for the biggest part), this is what my chart looked like.

Any suggestions on what I did wrong, are welcome.

Well, trading the news is different than trading price movements. You miss culculated the response to the news and expected that it would correct itsel to follow the price pattern. You just got it wrong, that happens.

Trading the news is not wise when you begin.

[FOREXunlimited]

How were you “sure the price would drop”?
Trying to predict a market reaction before a news release is reckless. Trying to chase a news release as a retail FX trader isn’t good either.

Look @ how buyers bid up the euro leading to the second test of the ceiling on your horizontal channel- you even draw an ascending trendline in there. Do you think that sellers would be parked there, seeing that strength?