Wednesday, February 4, 2009

Battlefield

Lot's of scalp trades. I would like to pinpoint second and third. On second I immediately felt trapped hitting short at the bottom. So I exit it and reversed direction because of that feeling, if I felt it everybody in my position did also, so I ride on their covering.

5, -5, 7, 0, -1, 3, 9, 6, pips
or
0.25, -0.25, 0.35, 0, 0, 0.15, 0.45, 0.3 R


24 pips, 1.2R





7 comments:

ORION MACHINE said...

I like it man, especially the quick reversal! I also like hearing things in terms or R multiples.

neon said...

Hey, I started following your blog today. Do you have somewhere on your website summarized your trading style, rules? I just wonder, what stop loss are you using? Or what SL did you use on these particular trades of today? Thanks a lot for the great reading and inspiration ;)

FX said...

Yeah orion R is thing that will give me better overall look on how am I doing, what is average loss or win.

Neon, sorry but I don't have summary of trading rules. I don't have rules :D
SL today was basically 20 pips as R was 20 pips, but that doesn't mean that I will stay in losing trade until -20. It's variable from trade to trade and how the things are developing after my entry. Also knowing myself it's not uncommon to lose more than 1R. But I need some reference point.

ORION MACHINE said...

NEON- it will serve you greatly to go back and read all of FX's posts. they are amazingly inspirational and a delight to read.

My take on his personal style is that it is discretionary using both breakouts and reversal trading with support and resistance.

I can say this: He knows himself very well.

neon said...

Thank you FX and OrionMachine. I will definitely read all the old posts. Great inspiration from both of you, keep it going please :)

Jules said...

Quick thinking on the reversal, FX! While others are simply heaving a sigh of relief or busy cursing the market after getting out, you saw an opportunity and went right back in to profit from it. Sure takes a lot of experience, courage, and a cool-head to do that. You're definitely sounding a lot more in control. Excellent work :-)

FX said...

Thanks Jules, sometimes is like that sometimes it isn't. But I guess I can't mess with learning curve. More of this kind of trading will prevail over the years.