Like I did for all previous pre-market trades, I had set a sell limit order to cover position. Target was 593.
But as mentioned earlier, I was starting to feel uneasy about the trade. So I covered at ceiling of channel (bear flag?? bear wolfe???).
I was expecting to see a round bottom sort of formation (with price testing yesterday's low or pivot from the day before at around 586). So yes, I was stupid to have bought at 588.5. But buying at 586 would make me look like a bottom fisher (not that there's anything wrong with bottom fishing). Ok, I just didn't want to miss the ride should I fall asleep (which I had been doing for the entire week).
Unlike the previous occasion where I had bought a pseudo bull flag (price was hanging in mid-range, but there was a flag pole and a flag....), this time, I simply couldn't go take a nap after the order was filled.
Experience has taught me it's always good to walk away from trades that make me feel sick in the stomach. So I bailed.
And now I can take my nap.
AUDUSD position still open. My stop has not been hit, neither has my profit target. I'm starting to really not know what to do with it. I'm tempted to buy some more. We'll see.
No comments:
Post a Comment