There is a rule I have as a trader. That rule is this
"Never change your bias. If you take a loss, step back, stick to your bias and aim to give it a second chance."
I broke this rule today. If I had stuck to my rule I would have been positive today. This all proves that I am human too. lol.
Let me explain. So Image (1) is where a buy was executed. This was also discussed with our community in discord about potential buys for Gold as the support 2327 was being rejected. So the 2 small buy orders that you see, were executed at (1) as the 15min candle was breaking above the highs. Now the idea was, since we are rejecting on the 30min aswell, we have a clean 30-35 pip range that goes all the way up to 2331.
As price retraced and started to break the 15min low, I decided to close the trade and manage my risk, and give it another chance once it formed a bearish structure around Pre London volume.
Now image (2) is when the trading devil crept in my mind. This is the most dangerous time. As price pumped bearish with volume, I dont know what blanket of confusion came over me, but I broke my rule.
I changed my bias and took a sell which you can see in (2). Now when you look closely, and for those reading this who know about impulse entries, you can see that where I closed my sell, was the EXACT point where an impulse entry for a buy would have been !
THAT moment in (3) was the point where I could have given my bias a second chance. But since I broke my rule, changed bias and took a loss I decided to call it a day.
All of us are guilty of changing biases at one point or another. Some change them multiple times in a day and some stick to their guns. Today I got weak, changed my bias and learnt a lesson.
Another thing is this, if you change your bias, you MAY win here and there and that will lead you to believe that this will work all the time. In reality it won't. So remember the following points ALWAYS :
Never change your bias
If you change your bias and lose, you will not be confident enough to give your bias a second chance
Always always protect the down side and aim to WAIT for the bias to give you a second chance.
Good luck !