Oh good, fantastic, no sooner did the trade start looking good, then it turned around and slammed south. I love trading. Looking back at the entry, it looked ok, the break above the box was small, but the candle was very bullish with a small wick on the candle, suggesting intent. Indeed the first 20 minutes of the trade looked to confirm that and then woompata! Looking across the pairs, there was probably a fundamental news event that as a technical trader I am unaware of. At that level. 'News candles' can go either way and do not form part of my trading plan, so I just have to roll with them. Interesting that the pair held up at the bottom of the box and has been indecisive. In good faith, I am going to redraw my box around the spikes and will look for an entry again. Remember, I am looking to get into a trend early and build positions; Tony can trend steadily for weeks and I want to be part of it when it happens. I therefore keep taking these knocks while the next trend unfurls. However, the price is very volatile at present (no shit) I will be opening again with a small position and adding to it later when it starts going my way. New levels: above 1.6782, below 1.6620. My preference is to the short side. Here is the posthumous chart, it was a legitimate open, although only just, and the trendline above was added afterwards. This emphasises a few things: the volatility of the pair, the need for a catastrophic stop loss and trading is shit.
Bottom line – 64 pip loss
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