Lesson Learnt: How to take profits, Lack of discipline EURAUD. Disappointed

By | December 2, 2013

Very disappointed at my lack of disciplined. The rules are: TP at nearest pivot unless there is a VWAP confluence. I did not TP at DM2. I “hoped” that it could go further south. There was no VWAP confluence. There was a VWAP confluence on an AUDUSD pair, but the setup was different. Each part is to be analysed on its own. I am very disappointed at myself, throwing money away just like that.

EURAUD

I have identified 3 scenarios for TP if there is no VWAP confluence. Bottom line is price must either break the retracement swing high, or be equal, or be very close to it (lower)

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Case 1: see EURAUD above

 

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Case 3

Case 3

GBPJPY example

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