As per my setup 1 hour short trade is placed near the resistance post the breakdown has been done with a large candle. So my R-R is not good here if I enter right away at ay candle as trading is 90% psychology with Risk management without FOMO. I have placed a short order near the resistance area if the price reaches there for retest would be a good thing & if not I do not want to chase any trade randomly and lose more than what I should, learning lessons through my previous experience and sharing it here as my notes. SL here is 200 points & reward is 1600 points so I dont mind taking series of losses because I only prefer high probability trades. No shame in taking SL and no Pride if targets are achieved, this is a game of probability let us play it this way.
Comment:
Trade not executed yet as the price is within range, there is a greed to enter anywhere but should avoid such feelings as this is why we are practicing
Trade active:
Entry executed @28622 SHORT, SL 28820 TGT 27200+
Comment:
Trade is moving in my direction so I have changed my SL C-C now, yes I do see profits and this is where my psychology is getting messed up as the greed to book smaller profits is increasing and the fear to not lose any current profits or new SL should not get triggered as per my emotions but this is how things dont work and this is what I am working upon will stick with my SL and targets, will tryst the process and my system
Comment:
Once in a trade what we need is only patience and with trade I am able to build my patience muscle. Since last 2 days it has been too much patience as I have moved from 1 min frame to 1 hour.
Trade closed manually:
Spotted reversal point on lower time frame so took an exit with 150 points profit