If the train is moving, who can stop it?

— Elliott M. Zvavanyange.

I just entered a short position on the Euro-Australian dollar currency pair. Even though i was not for the idea of entering a trade late on Friday afternoon because of the possibility of holding the trade over the weekend and having to deal with market gaps, i decided i was just going to take the risk because i had been working on my mindset for a while now after having been out of the markets for some time past, and therefore, i just opened my forex position calculator and punched in the numbers for a 2% risk trade and clicked that sell button on my MetaTrader 5 platform. I must say i had to film myself shortly after that so as to try and document myself for a future review of how i manage my emotions whilst i’m in a trade. I got this idea from TraderNick’s YouTube channel and decided to adopt it. I opened this trade yesterday (Friday, 24 April 2020) and the numbers below represent my entry, stop-loss and take-profit figures:

Entry: 1.69908

Stop Loss: 1.70027

Take Profit: 1.66908

Below is the daily chart with my forecast (blue bar pattern) on the overall direction of this pair (EUR/AUD). I expect the price to ultimately fall towards the 1.5500 price level in the medium term:

And below is the 1-hour chart i was looking at just as i entered the trade:

You can clearly see from the chart above how price broke to the downside out of what looked to the whole internet like a “double-bottom structure”. Shortly after that, it made a correction and i decided to take a risk-entry on the third touch of the top of the correction structure. You can clearly see from the above picture how the market has been in a free-fall, and the momentum is clearly to the downside.

Since the markets are closed, i have decided to share with you the current status of this trade for review and assessment purposes. I have moved the stop loss to a few pips below my entry, therefore, it is now a risk-free trade. That is all for now folks.