Image: Scoreboard Handball ++
H&S Trade Diary: 1-3
Losing streak continues with stop hit on AUDUSD: -2.01% / 40 Pips
This pattern was relatively clean, but end result was no better than our previous two trades:
When I spotted this pattern on the 30m chart, the break had already occurred – pair appeared to be falling quite fast and I calculated size and entered short right away:
Momentum evaporated all most instantly and price snapped back, nearly taking out our .7669 stop. We were spared this time around, but pair ended up reversing completely and stop was hit later that afternoon.
Points Of Interest:
There was actually nothing wrong with this pattern or the trade execution, it was quite simply a false/bad signal. Having said that, the flaws of running a sell-side only strategy in a risk on market are becoming apparent.
OG H&S: 1
Four trades down and the score’s 1-3 … can’t help but look back wistfully at our first Yuan trade.
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