a lesson to self.
GbpJpy M5...
there is nothing special about this chart, so why to post it?
time to time I feel to bang my head into the wall.
This really is a smaple of this.
GJ needed a grand day, without obvious reasons. No effect news I am aware of.
So, apart from 2 small bites earlier, once the chance came again, about 200 pips up for the day, and what seemed to be a breakout which shouldnt get too much without testing back, I jumped.
GBP was overextended in lots of ways, not only RSI, and there was a prior high at 149.38 that out to hold back things, right?
Wrong on that.
The price regardless of all the things pointing into a inpending pullback, was going upward, nearly a good 60 pips before beginning to level a little.
Was time to regroup, begin to reduce vulnerability, as the functioning drawdown went to approximately as large as 2%. . .yep, far from alarm bells ringing, but with the current drawdown playing in my thoughts, not something that I wish to get out of control.
Using ADR approx 2x the day, I knew that likely the worst place to begin to get out about, but there is some fear factor ( for much better word for it) when it isnt evident that despite the indiions the things are popping up so much against me.
Thus chose bailing out, with slippage and all in the end giving up a small chunk of their profits booked earlier, also.
All together feeling/knowing the trade itself was right.
But occasionally it isnt about being right.
There's always another trade there.
I could be right but can make a time mistake.
Or even a sizing one.
Or perhaps a time and sizing both together.
Or just be oblivious to some simple fact that others are aware of, and dismissing it might get me into the incorrect side of the trade. RSI has it limits, and perhaps not -by far- a holy grail indi by itself , more like an overview.
Of course, all together final I believed that being shaken out, and it was that the market a mere 10 minutes later broke down and would give me a great moment.
Thus the mind banging.
and smaller place size would help. (even though my current position dimensions remains approx 20% lesser than used before enter the current hole).
It is a lesson to self, but perhaps some of the readers find worth reading it.
Being right about the leadership is one thing, but being able to stay with this belief, comfortable, and time that the move spot on that lead into the profit.
Anyhow, the new trading week is on, and the major account is upward 0.09%...a beginning. Could be a lot better ( and can be on some my my other accounts) but might be worse day also. . .but feels in a while to do a end of this day summary.
happy trading!![]()