AUDNZD Trade Recap July 2023
A short position I took on AUDNZD last week for a breakeven. Solid position here as experience stepped in and prevented me from taking a loss. All explained in the video and you will find my emotional trading log below, enjoy!
🧠 Emotional Log
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Pre-Trade
Pre-trade I was in a state of slight hesitation/confusion, but not for my normal reasons (not wanting to take a loss). This time it was more linked with timeframe usage and making sure I am utilizing the correct one for my entry. I was feeling a little apprehensive due to this, but at the same time did not want it to put me off in case the entry was good. I am working on gaining more clarity with this.
During Trade
Price moved into drawdown nearly straight away and was closing in on my stop loss, I then started to think maybe I should have waited for an insurance entry due to my middle section thoughts and timeframe used for entry. Price formed a small double top and sold back into profit; I was tense feeling I shouldn’t have really taken the trade so closed it manually at around breakeven.
Post-Trade
Closing manually, I felt much better, where I could step back and evaluate what errors I had made. This trade was a lucky breakeven as price could have easily taken me out at the top, so I now need to learn from these lessons and gain the clarity I need. This trade should not have really been taken; it met the plan but certain elements were not in alignment with my criteria.
🧠 Emotional Log
---
Pre-Trade
Pre-trade I was in a state of slight hesitation/confusion, but not for my normal reasons (not wanting to take a loss). This time it was more linked with timeframe usage and making sure I am utilizing the correct one for my entry. I was feeling a little apprehensive due to this, but at the same time did not want it to put me off in case the entry was good. I am working on gaining more clarity with this.
During Trade
Price moved into drawdown nearly straight away and was closing in on my stop loss, I then started to think maybe I should have waited for an insurance entry due to my middle section thoughts and timeframe used for entry. Price formed a small double top and sold back into profit; I was tense feeling I shouldn’t have really taken the trade so closed it manually at around breakeven.
Post-Trade
Closing manually, I felt much better, where I could step back and evaluate what errors I had made. This trade was a lucky breakeven as price could have easily taken me out at the top, so I now need to learn from these lessons and gain the clarity I need. This trade should not have really been taken; it met the plan but certain elements were not in alignment with my criteria.