EURUSD - Trade Execution - 02-10-23

In a galaxy far far away (inside joke for the man who throws punches like KSI)...

Pre-week routine

On Sunday evening, I analysed the market and setup a few alerts for areas for I would like to engage with price.

What I wasn't expecting was the H4 FVG to be reached in the London session.

Ignore the fact that this screenshot shows the days price action. The H4 FVG was one of the alerts I set with a view to see if I could see price set up my entry pattern in that area. In short it did, however this wasn't without a very tiny loss and then a great recovery trade, which I'll detail below.

Using the M5 chart, I noted a FVG that met my entry criteria, however price didn't go back there. This threw me off a little, in that, I was thinking maybe price will rebalance to that FVG later on, maybe in the NY session.

I took the M1 entry based of the idea that I thought there was a long entry. Risk was pretty small, worth taking a position to buy EUR. Small loss, accepted it, no feelings of revenge, I found my entry pattern again on the M1 chart this time.

There we have it, my entry criteria to the T. Short position entered, with eventual targets of the H1 double bottoms and Daily liquidity levels lower down. I took my 30 pips, which recovered the loss and hit the target for this week. Job done!!

Psychology

Having hit the target, I keep thinking I have the rest of the week, to trade more. I even tweeted about this acknowledging I struggle to stay away from the charts. In fact I opened the charts an hour or so later but in demo mode only this time with the idea of seeking out my entry pattern again during the NY session.

I definitely didn't anticipate price to completely rip lower, coulda shoulda woulda though! Happy to have stuck to my profit target, now I've just got to stay away from the live account and regroup next week.

Happy trading folks!!