I was looking to go long at 1.3095, which was just above the PP R2. EURCHF has been in an uptrend since yesterday, and price happened to be lining up with that area. Not only that, but I noticed that there was bullish divergence forming, as price kept forming higher lowers, but stochastics was showing lower lows.
However, I learned my lesson yesterday about jumping the gun. I waited for a stochastics crossover first before trying to enter, and boy, am I glad I did. The trendline broke and price kept dropping. I would have stopped out and lost about $30, which was what I was risking on this trade.
End result - no trade (but I did save myself $30!)
I'm starting to notice that on the 5min chart of EURCHF, stochastics seem to work well, as long as you WAIT for them to crossover or at least be in extreme areas. No need to jump the gun!
So while I didn't have a triggered trade today, I do think I progressed, as I did corrected a mistake from yesterday. I guess that's worth something ain't it?
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