Notice the yellow circle I have drawn on the 5 minute chart. As the market was moving up slowly for the previous hour, I started feeling like the market makers were creating belief and were likely to snap the market back short. At the time, I was looking for price to hit the blue buy-liquidity line at 1.8605.
However, SMP then added the green accumulation dot and gave us a new blue liquidity line where I drew the yellow circle. I immediately saw this as a great entry to go short. Why didn't I get in? I go back to something QuickStart instructor LaCurtis says over and over, "You're afraid to take a negative." This was a poor mistake on my part. This was a very low risk entry. Wade Guth, head trader at Fx365i even called out that this could be a spot to take the market short. However, at that point, I felt like I had missed my entry and didn't want to chase the market short.
SMP showed us an amazing trade and gave us beautiful entry. Several people in our class pulled 20-40 pips out of the trade. I actually saw the trade very early and SHOULD have pulled a 40+ pip trade. I'm excited that I saw the trade and read it correctly, but I'm very disappointed in my lack of courage to pull the trigger. The trade gave me excellent risk management and an excellent profit target and the software showed us the entry. You literally can't ask for anything else.
Could woulda shoulda doesn't cut it. My thought to myself for today is when I see something I understand and there is opportunity for a good profit, I MUST take those trades. It's idiotic to not take a trade like today's excellent setup. The thing that's most important for me now is to not get stupid and try and make up for it by getting in on too many trades, or taking worse trades that don't have low risk. The market will be here tomorrow and good trades will present themselves again.
How about you? How was your trading today?
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