LEARNING LESSON: FOREX

Here is a trade I was considering: It was on the EURUSD pair and I was noticing that the pair was in the OS territory based upon the slow stochastics on a daily chart. The slowK was also above the slowD and so I was expecting a bounce to the upside. I moved down to a 15 min chart and made my move. My analysis was totally wrong for a number of reasons: 1. The pair is below the 55 EMA on the daily chart and the 15 min chart as well as the 4 hour chart. 2. The trend line break was a head fake. 3. There was an error in going from the daily chart down to the 15 min chart. If I looked at the 4 hour chart, you could clearly see the slowK was moving downward and was below the slowD.