This is an example of missing to check all time frames before entering a trade.
I entered only by seeing the weekly chart and didn’t fine tune my entry by looking at daily chart.
This is the weekly chart. A very good pin bar is formed and candle has crossed the emas. though I must have entered at the close of the pin bar and that would be a much better entry.
This is the daily chart and as it’s pretty obvious, there is no signal present. and as daily is my main time frame, I made a deadly mistake taking this trade.
Stop loss is under the pin bar and take profit is double the stop loss at 61.6% of Fibo Retracement:
Today is 09-Feb-2017
After One Week, as you can see, price has moved to my favor but still not break even. Look at the daily chart:
As you can see in H4 chart, price is making higher highs and higher lows, so, we are in an uptrend:
The weekly candle looks very good and crossed the EMA21 which is my main EMA. So, we wait until the weekly candle closes tomorrow evening, New York time and then we can check how far price has moved and the candle is good or not.
There were some major news this week that helped Silver price to move higher against Aussie Dollar.
First : The Aussie Retail Sales announced weaker
Retail Sales m/m
Second: Australia Cash Rate didn’t change. Investors and traders expected that RBA hikes the rate but after announcing the same rate, Aussie Dollar weakened
Today, 09-Feb, the only news that helped Aussie Dollar and was against Silver ( and Gold) was US Crude Oil Inventory, which showed a very big jump:
Crude Oil Inventories
The Inventory jumped from 6.5 million to 13.8 million which is more than double. Whenever US Dollar strengthens, Gold and Silver take a hit and this is why at the end of today, Price of Silver plummeted a little ( the two last bars in H4 chart).
p.s. I moved to a new place and I didn’t have internet for three weeks. During the three weeks, price rose to 24.30 and moved back. I consider this trade as closed somewhere close to this price and call it a win. Though I don’t count it as a legitimate trade.
1. I must check all the time frames needed and enter the trade.
2. I must do a better job for money management and position sizing. This trade is 0.5 lot
3. I didn’t check the calendar. There are some major news in New York Session like “ADP Non-Farm Employment Change” or “ISM Manufacturing PMI” or “Federal Funds Rate”