Tuesday, February 27, 2007
Monday, February 26, 2007
thought process
I don't use this blog as a journal. I post trades when I have something to say, not just as a
record. I wish all my trades are worth posting, but unfortunately in the end for some of them I don't now why I got in or out of them :-).
I entered today because it looked on higher t/f like retracement and on smaller like opportunity for early entry and small loss if it goes down. Immediately market started going up giving me adrenalin rush of a good entry. But soon it started going back. Well because of a good start I decided to give it a more room even that a price made new low. Good sign was that I didn't start averaging down, usual symbol of bad choice about future of a trade. Shortly market started flying up, I wanted 30 pips as a target so t/p at 51. But it stopped. I said ok, it's natural, it was to fast, let it rest. Well resting wasn't resting but another swing down. I again stayed, plus for me because usually I would get out with 1-3 pips of profit just for sake of profit. Now I was thinking if it can go to 40 it can to 50 especially if it doesn't make lower low. So I stayed again. Looking from aspect of 1min t/f it's a lot's of staying. I drew yellow lines of formed channel. It got up to near 40 again and I didn't get out. Patience, I was saying to myself. Well on a last swing 30 - 40 it broke my channel, stayed up for few minutes. But there was no follow through. Braking of 40 level should accelerate price on gbpusd, but there was no flying up. So I said I would not stand another swing down, going out.
17 pips, with 5x leverage.
In the end after more than 1 hour it went no where. I'm glad that I'm out.
record. I wish all my trades are worth posting, but unfortunately in the end for some of them I don't now why I got in or out of them :-).
I entered today because it looked on higher t/f like retracement and on smaller like opportunity for early entry and small loss if it goes down. Immediately market started going up giving me adrenalin rush of a good entry. But soon it started going back. Well because of a good start I decided to give it a more room even that a price made new low. Good sign was that I didn't start averaging down, usual symbol of bad choice about future of a trade. Shortly market started flying up, I wanted 30 pips as a target so t/p at 51. But it stopped. I said ok, it's natural, it was to fast, let it rest. Well resting wasn't resting but another swing down. I again stayed, plus for me because usually I would get out with 1-3 pips of profit just for sake of profit. Now I was thinking if it can go to 40 it can to 50 especially if it doesn't make lower low. So I stayed again. Looking from aspect of 1min t/f it's a lot's of staying. I drew yellow lines of formed channel. It got up to near 40 again and I didn't get out. Patience, I was saying to myself. Well on a last swing 30 - 40 it broke my channel, stayed up for few minutes. But there was no follow through. Braking of 40 level should accelerate price on gbpusd, but there was no flying up. So I said I would not stand another swing down, going out.
17 pips, with 5x leverage.
In the end after more than 1 hour it went no where. I'm glad that I'm out.
Wednesday, February 14, 2007
Wednesday, February 7, 2007
some thoughts
When you get bored to death like today with eur and gbp with one b/o try trade and quick out you start looking for other stuff to entertain your mind.
So I'm looking to this chart. It's totally not my style. I usually trade some momentum type action and not so TA setups. But I'm reading a lot of blogs that have great results with some kind of trading like this. So maybe I should learn to trade like that. It's not so much in learning how, but learning mind to accept trading opportunities like that slow and organized.
Tuesday, February 6, 2007
eur/usd ATR
ATR is smaller and smaller, euro lately is not so sexy for trading intraday even with Oanda's 1.2 pip spread.
Sunday, February 4, 2007
trades 010207
First trade was a try to get some early entry in possible eur/usd retracement of previous day range.
Unfortunately this was a loss and sad thing was that I tried to prevent it by moving s/l for few pips. It got hit and there is no rational to make it bigger s/l because it was risky early entry and if it didn't work with small s/l it wouldn't with bigger one as well. It was a bet that breakdown is happening right now.
Loss is about 10 pips. Leverage 5X. Same L. in other trades that day.
I made next trade in gbp/usd betting on range tendency, it didn't act well so I got out early with 11 pips profit.
Later in the day I thought that it will be choppy range movements so after b/o my guess was that price will get back in the range maybe accelerating after failed b/o 660-680.
It stalled and for me it looked kind of toppy because 20 pips after b/o is to small to stall so much so I waited.
Maybe not so smart move was to average down one more position. But it was begging me that it was so nice opportunity and that it's not kind of movement that gbp/usd make when trending usually. After 40 minutes it was just 10 pips up so I persuaded myself to enter again. Move that usually cost me too much.
This time risk got it's reward. I exited it pretty fast because after quick down move it stalled. I waited a little and gave some of the move back. Other crosses didn't show strength for usd, but pretty much weakness so I decided to close trades with profits +7 and +15 pips.
It's easy to draw trendlines later, but in trade there is tunnel vision so it always look so easy later after the fact.
Unfortunately this was a loss and sad thing was that I tried to prevent it by moving s/l for few pips. It got hit and there is no rational to make it bigger s/l because it was risky early entry and if it didn't work with small s/l it wouldn't with bigger one as well. It was a bet that breakdown is happening right now.
Loss is about 10 pips. Leverage 5X. Same L. in other trades that day.
I made next trade in gbp/usd betting on range tendency, it didn't act well so I got out early with 11 pips profit.
Later in the day I thought that it will be choppy range movements so after b/o my guess was that price will get back in the range maybe accelerating after failed b/o 660-680.
It stalled and for me it looked kind of toppy because 20 pips after b/o is to small to stall so much so I waited.
Maybe not so smart move was to average down one more position. But it was begging me that it was so nice opportunity and that it's not kind of movement that gbp/usd make when trending usually. After 40 minutes it was just 10 pips up so I persuaded myself to enter again. Move that usually cost me too much.
This time risk got it's reward. I exited it pretty fast because after quick down move it stalled. I waited a little and gave some of the move back. Other crosses didn't show strength for usd, but pretty much weakness so I decided to close trades with profits +7 and +15 pips.
It's easy to draw trendlines later, but in trade there is tunnel vision so it always look so easy later after the fact.
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