Correcting mistakes and analysing successful trades is a key trading process.
A very good practice is to write down your mistakes and successes so that you connect the subconscious mind to solve problems and remember successful actions.
Below I will analyse some of my trades (See the image above). I hope my post will help you to find a way to develop trading process and clear mistakes.
– MACD signal
– EMA 200 breakout
– According to the trend.
The stop loss is set below the resistance level. There is an alternative to exit the market in case of resistance at the 1.18100
I rushed, not receiving a clear confirmation from main indicators, and at the same time did not foresee a possible movement through the 78.6% retracement level.
It was possible to set a stop loss closer, just above the key level 1.18600, that’s breakout opens continued growth. If the uptrend were broken, there would be a risk of the fall completion at the key support 1.17950. The trade might have had to be closed prematurely with a small profit.
– Clear MACD and RSI indicators confirmation
– The key high level 1.19060 was not broken
– Opening time frame is 4 hours.
The stop loss was moved to the profit at 1.18562 in case the key support at 1.18350 completes the decline.
– Quite risky buy trade on the downtrend correction, near its support
– The key fact is 50% correction level was reached taking into account 4 hours.
– Strict stop loss level.
Close on touch EMA 50 but I see that I rushed and missed 24 pips.
– Late but clear signal MACD
– EMA 50 touch
– correction depth is more than 50%
– confident downward.
Opening after a local upward correction and close by take profit before the key level 1.17300 and trend support.