Clear levels were apparent when trading commenced.
Just after 10 am Eastern, the break below the prior range was failing. Popped up into the old range, pullback held the line, and trigger above the line. Bread and butter TC setup with level confirmation.
Good decision-making on this trade. Was targeting the high of the range, but had a “trail start here” meaning start trailing around there. I gave it room to get up there, but it did stall. Moved the SL up and was triggered (pretty much low-ticked).
Re-entered on an SB. It moved up and initially held the very recent highs. But then didn’t go up. That set up a DP potential as it rolled over, so I exited…because if a DP does form, there is the option to re-enter if the price holds. If it doesn’t hold (and keeps dropping), then leave alone. If it runs up right after exit, well, then I miss it and await another entry. But by the time my trailing SL got hit, it wasn’t moving very well, was getting wicky, so no need to keep re-entering.
Chart from TradingView, the charts I use.
Here you can see the executions. While I got low ticked twice on little pullbacks, I still like my decision-making. We can’t know what price will do, so all we can do is make the best decision we can based on what we see in the moment. Analyze decisions based on what you knew (or could have known) at the time, NOT what was unknowable.
How did that part of the day go for you?
Cory Mitchell, CMT
Learn more about day trading the EURUSD in my EURUSD Day Trading Course.
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage. Affiliate links are used on the site: If you purchase a product via one of these links, this site may be compensated at no cost to you. Thank you for supporting the site in this way. Past results/performance isn’t always indicative of future results/performance
