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| USDCHF M15 and Daily |
I think this was a decent trade. Traders who chase overextended moves/breakouts into supply zones are often retailers, and retailers always lose. The plan was to ride on them being flushed out of their breakout long positions. I just wished I had managed the trade better, in hindsight I should have taken full profits at the major trouble area, especially when the lower time frames showed huge signs of reversal. I wanted to try out a trailing stop in case a miracle happens and the support breaks, but I guess that was too risky with such a strong move up.
And here is the thing, an experienced trader will be able to tell whether a support will hold or break, or where price is likely to go, or how to trail a position properly. Those are my weaknesses still and I'm trying hard to work on them. I've had the good fortune of getting to know a few RTM members, they've been very helpful and have taught me a lot. Every week the movements of the markets are becoming more logical and less random. In summary, price ALWAYS bounce off either a supply/demand zone or a S/R level.
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