Today has been proving to be an extremely difficult day due to the fact that it's monday, and given the fact that I am a beginner, I have an untrained eye, that makes it even harder to relate and locate market structures when it comes to technical analysis . After following through Fractal Flow's supply and demand guide, I saw this possible opportunity of a supply and demand based long trade. Please take with a grain of salt, as this is my first analysis. There are a lot of things I would do to improve this, however, I am still researching methods that can help me confirm certain aspects of such a trade. Nonetheless, I will leave my idea here, and I would like to hear any feedback, as it helps me learn. Thank you!
Komen:
As far as I am concerned, I would not trade on Mondays, as I would prefer a mid week where there are no macroeconomic factors that can further increase my chances of confusion and / or failure. What I would add, however, to this trade, is a stronger method of confirmation using other indicators, thing that I did not do on this trade(more or less of a bad idea depending on who you ask, as in forex everyone who makes money is right and two rights often contradict eachother).
Dagangan ditutup: hentian tercapai:
Why was the stop reached? Well, that is a question relatively easy to answer. My trade analysis lacked 3 things:
1) There has been a news event I did not account for, at all.
2) I did not consider the vertical volume that indicated a stronger selling force
3) I did not analyze other timeframes, neither used another indicator to confirm direction.
Conclusion: Despite a losing trade, I appreciate that I didn't even flinch at my account balance(even though it's paper money, I will treat real money the same way, I am dead inside). I left the trade to finish itself, and that is an important skill to master from the beginning, in my opinion. These being said, no trade is a loss if we learn from it.
1) There has been a news event I did not account for, at all.
2) I did not consider the vertical volume that indicated a stronger selling force
3) I did not analyze other timeframes, neither used another indicator to confirm direction.
Conclusion: Despite a losing trade, I appreciate that I didn't even flinch at my account balance(even though it's paper money, I will treat real money the same way, I am dead inside). I left the trade to finish itself, and that is an important skill to master from the beginning, in my opinion. These being said, no trade is a loss if we learn from it.