GBPJPY Trade Recap - Missed Out 8R Due Tight Stops (Lesson)
HI Traders, in this Market Recap I'll be sharing my today's trade where i had my SL slightly too tight, ended up causing myself to miss out a 8R - 10R trade.
This Afternoon right before London open, i noticed that GJ is pulling back to the 0.5fib level, which is where i believe there are potential further selling opportunities as the overall flow is Bearish.
I noticed the first rejection, I then waited for the second trigger candle to confirm that sellers are stepping in.
Got into a short position after I saw a Bearish Pin-Bar on the 3min chart, had my SL set several pips above it.
Got stopped out not long after as price suddenly spike up above the my trigger candle (Pin-Bar), only to watch the market run into 8R profit.
Myself and NEO-Trading, I'm always here to share the maximum transparency, the reality of full-time trading.
There are times where you get into good trades, bad trades, or trades that you mismanaged.
Hope you learn from this lesson, and always make sure to set your SL at a reasonable level where your strategy tells you its nearly impossible to be hit.
NEVER set your SL based on RR as in that way human brain will have the tendency to tighten in to maximize rewards, which might ruin your expectancy as you're not following what your strategy data tells, but rather the P&L.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
This Afternoon right before London open, i noticed that GJ is pulling back to the 0.5fib level, which is where i believe there are potential further selling opportunities as the overall flow is Bearish.
I noticed the first rejection, I then waited for the second trigger candle to confirm that sellers are stepping in.
Got into a short position after I saw a Bearish Pin-Bar on the 3min chart, had my SL set several pips above it.
Got stopped out not long after as price suddenly spike up above the my trigger candle (Pin-Bar), only to watch the market run into 8R profit.
Myself and NEO-Trading, I'm always here to share the maximum transparency, the reality of full-time trading.
There are times where you get into good trades, bad trades, or trades that you mismanaged.
Hope you learn from this lesson, and always make sure to set your SL at a reasonable level where your strategy tells you its nearly impossible to be hit.
NEVER set your SL based on RR as in that way human brain will have the tendency to tighten in to maximize rewards, which might ruin your expectancy as you're not following what your strategy data tells, but rather the P&L.
If you enjoy the content, make sure you follow my profile and click the like button.
Take care and trade safe.
All the content I've posted are for educational purposes, please perform your own research and only take it as a reference.
