I don’t look at the market before London Open but today it had formed a setup 1 on the M5 time frame. I took the trade.
Once the trade was taken, I had no reason to look for a setup on m1. So did not trade on m1.
That went ok during the morning session but the market, later setup another Setup 1 during the US Session. And I played it with slight bias from the H1 chart. I thought it was extended and correction was possible. Which lead to a mistake.
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| DAX M5 Setup 1 Long – Entry – Looks Pretty Good – THIS SETUP 1 |
I was looking at the levels to the left, which was peak of wave 3 and also peak of H1 chart. US News came out as well. Market was doing its usual “US SESSION” noise. I squeezed the oxygen out of my trade.
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| As soon as I saw marketing rejecting the Highs, I used M1 chart to Exit on Box Trail |
So here is the lesson. I tried to play this trade with a bit of extra caution. I was trying ot be “clever”. Its ok. This is how I trade. This time it did not work for me. But I learn my lesson. Which is, I should try to TRUST THE SETUP ONE. Let it do its thing. That would be much better in the longer term.
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| Later I saw the original plan was good. It hit TP 2% profit but I was out agest ago. |