Alrighty, lets get up to date here...
Certainly not a fun day and I'm reviewing my actions & entries from earlier...I think some of the re-entry moves were certainly premature but on target with what I perceived to be the overall trend at the time. Most important, risk/reward was set and my stops were in place to prevent further risk.
I must say that I'm most proud of myself with the reverse move today, as this is something I generally don't do, think of, etc. Usually, after a losing trade, I simply get out of the market completely, close the trading station and review it later. Today, I had identified what I thoguht was a trend (and it was!) on the EUR/USD hourly and I proceeded to trade it long, based on a trend line. As the trend line broke down, it identified support (1.36). On the break of that support, in concurance of the bounce off the 23% fib (latest decline as seen on the EUR/USD daily) earlier, I went short.
Anyway, identifying this trend breakdown and being able to immediately switch views and trade as such is an accomplishment for me. Often times, I won't let go of a trade plan/idea, even if it clearly is still not valid...and even if I do let it go, I won't take the time to look at the other end of the trade to inspect any possible setups.
On the EUR/USD, we're seeing some movement downward and as long as price stays below 1.36, I'm not too worried. In the coming Friday session, I would like to see it continue downward to make new lows.
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