AUDUSD Pending Short Nov 3, 2015

Have you ever felt you wanna cry in trading cause you always lose your trades and never know what else to do to improve it? I have felt that many times and again now with my fourth consecutive trade on the losing side! How do you even try to move on while you always encounter failure on every move you take? Do you wanna quit on trading? Do you want to find another thing more productive to do? I have thought about it so many times now. Just to let you guys know, I am entering the market with my actual account in every trade I post here so that all the feelings I may express is legit. If you are still struggling or if you are actually trying to start trading, you might reach a time where you are so lost, you are so sad or maybe so depressed and angry. Don't worry guys. You are not alone. If you are one of those lucky few that escaped this level of failure in trading, can you give an advice?

AUDUSD Daily Time Frame

Anyway, even though our advanced pattern short entry failed here, the market is still respecting the downward trend line in the longer time frame. I am still looking for another shorting opportunity here but as I explained earlier, I really don't know what else to do to make things right. I may have some decent reason behind my trade but the outcome are no good at all.

AUDUSD 1HR Time Frame

Looking at the lower time frame, I set a pending sell order at 0.71950 hoping the market will try to make a double top or retrace a little before continuing going south based on the higher time frame. You can see the bearish trend line drawn from the daily time frame above. I chose 0.7195 as the entry price because just above it will be a psychological resistance number 0.7200. Also with the new top created by the market, I hope that it will serve as another resistance as well. Lastly the falling trend line would hopefully hold the price below it. This is also good in my stop placement since I will be risking 40 pips on this trade, the stop loss will be located at 0.7235 decently above all resistance mentioned as you can see in the chart. And I will set my take profit level at 0.7115 with 80 pips away to have a minimum 1:2 risk to reward ratio.

For the record, I am now down 150 pips and in my fourth losing streak. I hope this trade will be triggered and will break my bad luck. I hope you guys are having a lot more better performance than I do.

Good luck in trading guys!

AUDUSD Pending Short
Entry: 0.71950
SL: 0.7235
TP: 0.7115