I want to share with you a trade that I got WRONG big-time from the start. SUBSCRIBE: https://bit.ly/2MsGjRR
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This is a trade on Pound Aussie, the daily time frame, and I just want to share with you my thought process to why I took this trade. So you can see that the price pretty much came into this area of resistance over here. Over here price came into this level and it got rejected, right? Cause you saw you saw this bearish reversal pattern at a nice round number of one point eight. And this obvious market structure resistance. So when this occurred, I told myself that I wanna get short because I'm against this obvious market structure. So I'm going down to a lower time frame, the four hour time frame, to look for an entry trigger.
One ATR is somewhere about here and I went short. And as you can see at this point in time - boom. I just got stopped out. The market just rallied against me and I took the loss on this trade. Now at this point, I wanna say that I don't regret making this trade. Yes I am wrong on this trade. The market has proved me wrong big time. But I have my stops in place to kinda contain the losses. But what happens is that, what if you hesitate to take the loss? What if you are thinking, lets say for example at this point in time, the price is now back at resistance.
You can see that trading is all about balancing your risk to reward. You never know how much the market will move in your favor. You never know how much the market will move against you. All you can do is to have a set of rule to play good defense and to take what the market offers you. So the three trades I shared with you, although the first two are losing trades, it hit my stop loss, I'm just protecting myself.
So I kinda leave it to you, depending on your trading goals, how you want to manage this trade. Right this is platinum. Another trade that I want to share with you is the Pound against the Swiss Franc. This one over here you can see that this market is in a down trend. In fact, there is this minor structure over here that I didn't draw it, but you can see it over here. That's that once, here, okay, and then here second time, and then third time over here. But what's interesting is that if you look at the four hour timeframe, there is a chart pattern that is showing you signs of weakness in the market.
This is a chart pattern, is what we call the descending triangle. Notice that there is lower highs coming into this area of support. This tells you that the buyers try to push price higher, but keep getting smashed down lower by the sellers at lower and lower prices. So now the buyers are kinda constrained, they are pushed into a corner. And if you ask me, there's a good chance, there's a good chance that this market could break down lower. So what I'm looking for is for a break and close below this area of support. If it does, again I'll go short, have my stops one ATR above this high, somewhere here, and try to ride the downward swing. And see, and to take what the market offers. If it's not going to offer anything I just bail out and say "Sayonara. Thank you and I'm out. See ya."
So that's what I'm doing on this Pound Swiss Franc trade. That's the setup that I'm looking at, okay? So these are the couple of trading opportunities that I feel that is worth watching for this coming week. And hopefully the first three trades that I share with you are good lessons to kinda ground you into what you should expect from trading. So with that said I have come to the end of this week's market analysis. If you have enjoyed it please hit the subscribe button below. Just click on it, duh duh duh click. Hit the like button. If you have any feedback, comments, questions, leave it in the comment section below and I'll get back to you. Alright so that's it. I wish you good luck and good trading until next time.
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