10-17 One Loss, One Win...Right on Both

Ok, there were two trades I took today, proving to myself that I truly believe (now) the market can do anything and I have no control in the outcome. I know that sounds crazy because I always knew the market COULD do anything but just didn't believe it would. I was eyeing the AUD/USD pair. After a break of a fractal and close on the h hour time frame, I traded it long. I will say, that I was aggressive on this trade and had a tighter stop because of it. Looking back, I had two levels to enter. One was at 1.6825 and th other at 1.6810. I based this trade soley off TSR. Well, I entered the trade at the closer level, knowing I was at more risk. The problem is I entered with a larger position size by accident so I had to tighten my stop. Well, the market chose it's level and I got stopped out.


The thing that makes me feel great about this is that I did not let the loss get into my head enough to keep me out of another set up. I did this intentionally to overcome any fear that would keep me thinking objectively about the next trade. I also had been watching the EUR/USD and it seemed to have been forming a bottom. On this one, I felt very comfortable as with the AUD/USD coming down deeper, the euro seemed to follow and came right into my level. THIS TIME I used the position size and stop I was comfortable with. The market reacted to the level and I was able to secure a profit on this trade. I have to say, I did feel some anxiety entering the market so soon, but I was proud that I took a trade that met my criteria, was prepared to take a loss if the market deemed it so, and did not let that affect my execution to the point of backing away. I know that I must be careful not to revenge trade but this was not the case. I was watching both of these pairs for the set up I wanted to see, which was a moving out of the longer term fractal, into a new one and coming back into my level. As of this writing the AUD/USD took off another 100 pips in the direction I anticipated and I am still in the euro with profit in my wallet. Boy, there are a lot of things to put together at once and a mistake can cost you, even if what you anticipate comes to pass. The good thing is, I recognize all of this now and am implementing it consistantly.