Tuesday, June 3, 2008

Indecisive break out

First I run into gbp/usd little early because it looked like b/o. I stayed because it was really up there just waiting, no down side pressure. In eur/usd I entered just at the break out. Than problems started. Contrary to usual market didn't move strong after the b/o. It started to shape like failed b/o. I stayed. Than failed break out didn't played out. So, with market being slow and funny lately in such situation I stayed more. It was really long like 15 minutes of indecision and my nerves on the edge. Finally when I got some profit I took it without want to play that market any more. After my exit there was big reaction in the gbp/usd that would be brutal for me. After all that real advance started.
Well I could have play it with staying in but when I try that I regret because I miss scalping profits and if it came back I'm prone to average down and bring trouble. So I decided to stay with scalping today.

I didn't participate in the uptrend but than I noticed that 615 level could provide resistance. Such levels based on longer term charts at least bring in some reaction if not reversal. Market was 15 pips down from that level, so I said let's catch it up also with intension of shorting at 615. From that came next set of trades but I didn't play it according to plan completely. I run from long trade too soon and again shorted before the target. I waited and when market did show that it's not going more up strongly I added new short. I wanted to keep it till 600 but I got out and that was good decision in the end.

When I look 5 min chart it all look stupid, but again why mess up with good scalping just because it look stupid in retrospect.
+ 13 full size pips





3 comments:

ORION MACHINE said...

Good for you!! I had an AMAZING day today, racked in 33 pips. The Fed chairman had a speech and the market just plummeted. I was long at first but got stopped out and I reversed my position. I took profit after that but am beating myself over the head for what I left on the table... Out of a 120+ pip move I only netted 33 pips... AGHHH!!!

FX said...

I understand you but try and put things in perspective. You are scalper satisfied with 10 pips per day. You just got gift of three day's worth of gain for prompt reaction. You didn't get stubborn and stay long. You could average down and you know how that things end up. There are 100 pips moves all over, we can't catch them scalping but we don't risk 50 pips on our position either. You had great day and gain, be proud and satisfied.

ORION MACHINE said...

yeah good point! thanks!