Hi fellow traders. I’m a new member that only found this site a week ago, and have already learned so much from it. I have been trading for a little bit over a month now and I’m really enjoying the challenge of it. I’m not very good at writing things like this so I hope you can understand what I’m trying to say.
My first trade I’m sharing is unfortunately one that failed but I think sharing it might teach me not to make the same mistakes again.
The initial plan was to wait for it to bounce of the 0.76691 line but I got trigger happy when a couple of my other criteria were met.
The reason I made the call on this trade was due to a couple of reasons. Mainly that the price crossed 2 proven trend lines (red – 0.76735 and the orange diagonal) while the 1min, 5min and 15min Stochastics were below the 20 and stared moving up. (The lines were below 20 at the time, the high candle spike changed how it looks when going back. )
The expiry time is also set way to long, I think I left IQ options on a different chart time so I didn’t notice in the rush of changing plans.
The trade would have won if I sticked to my original plan.
Maybe also trading a call on a downward trend was wrong.
I was also over expecting the price climb of all 3 stoch’s matching up below 20 in a downward trend.
That’s all for now, I hope I can share a winning trade next time.
Have a good day.