Why did I lose in this trade?

May 10, 2018
8
0
11
44
Can someone be able to tell me why I lost in this trade? What did I do wrong? What could I have done?
Screen Shot 2018-05-10 at 10.39.38 AM.png
 
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Enivid

Administrator
Staff member
Nov 30, 2008
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Odesa
www.earnforex.com
I would say that the resistance level was more of a zone, stretching from 130.17 to about 130.22. You could certainly use it for entry, but you should not expect it to be a surefire trade. Support and resistance levels are often broken. One of the options is to wait for the price to retrace from the resistance/support to confirm the entry.
 
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dvid

Newbie
May 23, 2018
7
1
3
26
What was the reason to enter to this trade. What was your strategy. If you explain it to me, then I can answer your question. I wouldn't use intra-day chart if I were you.
 
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Mar 31, 2018
22
5
14
www.profitwithpips.com
I trade this pair and timeframe primarily and around this time EJ was making higher highs you can even tell on this screenshot, after every retracement a higher high was made this pair was trending up at that this time with minor pull backs a better trade setup is with the trend in this case a long position....but as long as you followed YOUR trading plan don't think of a losing trade in a negative light.
 
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May 10, 2018
8
0
11
44
I would say that the resistance level was more of a zone, stretching from 130.17 to about 130.22. You could certainly use it for entry, but you should not expect it to be a surefire trade. Support and resistance levels are often broken. One of the options is to wait for the price to retrace from the resistance/support to confirm the entry.
Thank you @Enivid. This is very helpful advise :)
 
May 10, 2018
8
0
11
44
What was the reason to enter to this trade. What was your strategy. If you explain it to me, then I can answer your question. I wouldn't use intra-day chart if I were you.
Thank you @dvid for your reply. I’m a newbie and at the time I traded this chart I was only using/practicing S & R that is why I shorted on the .058. Now I realize it already became support at 00:15 previously. Am I right that it became support already at 00:15? If you were to trade this what strategy would you have used with or without combination of S & R? Thank you :)
 
May 10, 2018
8
0
11
44
I trade this pair and timeframe primarily and around this time EJ was making higher highs you can even tell on this screenshot, after every retracement a higher high was made this pair was trending up at that this time with minor pull backs a better trade setup is with the trend in this case a long position....but as long as you followed YOUR trading plan don't think of a losing trade in a negative light.
Thank you @profitwithpips :) now that I think about it absolutely makes perfect sense. I should have gone with a long position here. May I ask, aside from S & R what other strategy would you combine here? Thank you.

PS: what is EJ? :p
 

dvid

Newbie
May 23, 2018
7
1
3
26
Thank you @dvid for your reply. I’m a newbie and at the time I traded this chart I was only using/practicing S & R that is why I shorted on the .058. Now I realize it already became support at 00:15 previously. Am I right that it became support already at 00:15? If you were to trade this what strategy would you have used with or without combination of S & R? Thank you :)
If you tell me which candle was the signal for you maybe I can help you. :) For me it looks like the market was ranging so I wouldn't have considered opening a position at that time. I'm used to daily and 4H chart mostly, but describe for me pls how did you enter. Send me a screenshot for example.
 
Can someone be able to tell me why I lost in this trade? What did I do wrong? What could I have done?
View attachment 12695

I actually shorted this earlier this month for 100 Pips on my Live Account..trading on the Larger Time Frames..

Screenshot_20180503-143036.png


20180505_132636.png


First of all, Resistance and Support Price Points on the lower charts like the 15 minute are usually very unreliable. Some will work but even when they do, you dont know when they will or how much of a Stop to use since the market can respond to them after temporarily breaking them by 10 Pips, 30 Pips or even 60 Pips.

Also, if the market is forming a Pattern like Consolidation or an Uptrend on the Daily or 4Hour Charts that is in conflict with what you are seeing on the 15 minute, that Resistance point can easily be ignored.

This is one of the reasons why trading on the Larger Time Frames is better, especially when using Candlestick Patterns that have fewer False Signals than Suuport or Resistance Points.

Duane
DRFXTRADING