Reason for placing the trade: price has been respecting the descending channels forming lower highs, we had a close on the 4H time frame above the resistance suggesting a continuation to the upside the second candle had a long lower shadow suggesting buyers were stepping into the market so i placed my trade with my SL below the structure and targeted the previous lower high.
What made the trade fail: price has been moving to the downside for 3 months so there was a huge sell bias, I was trading against the trend. I also entered the trade on very little confirmation that price was moving to the upside. i should have waited for more momentum and when price moved against me accepted the loss and closed, rather than being hopeful about a loss cause
What made the trade fail: price has been moving to the downside for 3 months so there was a huge sell bias, I was trading against the trend. I also entered the trade on very little confirmation that price was moving to the upside. i should have waited for more momentum and when price moved against me accepted the loss and closed, rather than being hopeful about a loss cause