I briefly analyzed GBPJPY last night and saw that we were in a consolidation zone but in a downtrend. I attempted to take an entry based on the overall downtrend and assumed that the market was going to retrace to the 78.6 on the overall structure and touch the trendline again before going back down. However I missed many of the details of the current market structure. I went back and analyzed the things that I missed plus added some notes to explain why market made that 120+ pip move.
I had the overall direction correct, however I missed key details that the market was showing me before making the trade.
I had the overall direction correct, however I missed key details that the market was showing me before making the trade.