Yesterday, I tried to trade the GBPNZD by using a short position. The time of opening the trade was not optimal (because I should have wait for the beginning of the retracement, that I expected).
In H1 there was a long way against my trade (surely). In the evening it was not a better picture and I was motivated to close my position; why? I saw the power slopes moving together: maybe the GBP was arising?
But then I looked at the VOLUME, seeing that GBP was slowly decreasing in the past hours. So I thought, that the lowering power could be explained by the assumption of a retracement.
Before going to bed I looked at the chart and changed (!) my time frame to H4 (see Fig. 2), and there it was: My retracement hypothesis was correct!
So, I changed my SL to the last turning point and defined a stop elsewhere).
Today, I see that my trade was successful. For all, who are beginners like me: Stay disciplined!
Seeing the power envelopes (1 to 4 days) results in a high probability of doing a successful trade but in combination with Volume, you can increase the probability of a correct decision.
Look at the charts (next time I will wait with my entry!) change time frames, use all information of all indicators (and not a single indicator), have a strategy, and follow your own strategy (don't click, let it run! :😊 ).
I'm happy that I didn't exit the trade and I'm happier that I followed my strategy until its finish! This makes me happier than the money, I got.
Maybe reporting my thoughts and feelings during the trade might be also helpful for other members, who were beginners, too!?
END OF REPORT
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All the best and happy trading
Daniel
