Tuesday, November 5, 2013

EURJPY Short

Learnt a lesson I already knew - full concentration required in trading and no assumptions.

I looked at the chart and decided I wanted to short this pair. So I set alarm at a level I assumed if price got to, the downtrend should continue, and went to sleep. One hour later alarm sounds and I got up without taking a second look at the chart to reconfirm that the setup was still good, I just pulled the trigger to sell. I knew it was a mistake and should have closed when the market was gracious to give me 3 pips within 15 minutes but I assumed again!!! Result was unnecessary drawdown for almost 2 hours before price finally turned in my favour.


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