If you were able to take a look at the post I put up last night then you'll see that this pair reacted exactly how I thought it would. (If only pairs did this more often).  However, although price action came up and kissed the trend line before reversing my entry orders were about 10pips above that point. Am I upset that I was able to predict something but not get involved? Yeah a little bit, but at the end of the day i know that I placed my orders at what I felt was the best entry point and because of that I have no regrets. If you look at this chart you'll notice one thing different from last nights. That one thing is a Fibonacci extension, and the 1.618 lines up exactly with the 61.8 which I originally had on there. that gave me even more confidence that this would be a prime point for the market to turn around. As my rules say I put my entry 5pips below that mark at 1.6057. Too bad price only came to 1.648.  So that stinks but its good for the confidence to predict something and have it play out. And having confidence may be the biggest thing in this profession. 

Leave a Reply.