#06 – USD (manage a losing trade)
Last week, I’ve spotted the US dollar index trending in a bullish direction since 2011 on the Monthly Chart. Additionally, with the knowledge of non-farm payroll and a believer of price drives news, I’ve decided to long the index.
Reducing my timeframe, I’ve also realized that market was in key levels since two weeks back on the Weekly Chart. That has encouraged me to find a possible entry on a smaller timeframe. The error I made here was that the weekly has a short-term bearish trend but I’ve actually ignored it.
With the ignorance of the short-term bearish trend, I’ve entered with a 1:10 RR on the Daily Chart after spotting a reversal candlestick pattern.
Last week, I’ve been rather impatient with the market which have led with such an entry. This trade was an avoidable one
Hope you have traded the opposite direction of me!