Monday, September 29, 2008

What a day

First I had nice scalp after gbp/usd news time and I got 20 pips out of it. From Monday Asia open gbp/usd was -400 pips at that time.

Than on the wings of my gain I decided again to take a long after it fell back. Well I got caught unprepared. After few pips in my direction it started to fall and it didn't look back. I freeze. I started to average on every bounce. After trade number three there was bottom. Now I was in situation down around 56 pips X 3. After few minutes I decided that I don't know on which side it will go, back or in reversal. So, the best thing would be to reverse my position if it started to fall again. So from that point I was in frenzy of reversing 3 positions long and short. I wasn't so crafty in that, it was mess. It would be better if I stayed just long in the end, but if market reversed back down hard it would save my skin. Also I wanted to make some money, not just to get b/e. It didn't go that way, I got only 7 pips for all 3 positions, I was hoping 10x3.

After all of that I was in good emotional state and I was prepared to trade more. Which is great and improvement. I don't get so emotionally drained as before. So I had two more scalps with regular size position and got 10 pips on eur/usd and 15 pips on gbp/usd.

There is nothing clever that I can say about my averaging session but I'm showing it here just as it was. It's funny how big need is not to have a loss and what stupid things can you do to accomplish that. I'm just glad that I can find little bit more hunger to make a profit than before and a little bit less emotional impact of trading and swings in p&l.

+ 52 pips today

Original content can be found on Forex Intraday Trading


MarcoA said...

Nice one. What an amazing time in FX. Feels like a guilty pleasure though.

FX said...

Thanks, yeah it's crazy this days. I'm looking now in EU morning spread on eur/usd is 2.5 on Oanda (0.9 regular)just that fact alone tell us what a time it is.

Now with orion on hiatus I expect from you and 4kid to comment much more. :D
I got used on interaction on the blog so now need my dose of fix.