First entry of this month with proper trade plan.
Although it was a lost but I learn how not to take this kind of trade again.
Technically :
1. My initial trade strategy was a retracement system.
Waiting price stalling in between Fibo 0.382 and 0.618, then confirmation with RSI pointing downwards from area >50.
2. But now I learn that in Elliot wave theory, price are moving in cycles. 1-5.
Need to plot this first because as you can see after 5, it tends to change the course.
3. Also I learn that in reading RSI, it focus are on overbought and oversold.
RSI is a leading tool that telling price has now reduce in volume of buyers/sellers so
trend reversal is possible ahead.
But what I did was taking a trade in the middle of the zone >50.
The thing I read in Babypips was if RSI showing upwards crossing 50 from bellow indicates that,
strong BULLISH bias.
So I should wait until area 70 to sell and area 30 to buy, which must confluence to the price action.
Emotionally :
1. At first I was confident that this is according to my system rules, should I enter this.
2. Once I take the trade I start to doubting myself, worried then I move my TP just below the blue candle. This time I think this trade will hit my SL.
3. I move the TP just below it, hoping it will close with profits
4. This morning I checked that it hit my SL, should have close straight away.
5. This affect my R multiple, later on affecting my system expectancy
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