Tuesday, February 24, 2009

Different kind of trading

Well at least partially.
1. Small scalp, didn't get best price for shorting the range 6 pips 0.3R
2. Loss. Well I couldn't believe that I pull the trigger on the loss. -11 pips -0.55R. I could get 7 pips on that trade but I thought that it would go more up. That's why I leave it so much against me after missing profit. I wanted to be long and just waited when market will start going up.
3. Minute later I get in again long 3 pips above previous exit. Well now I really didn't want to get shaken out. It was close, but that drop was because some eur/cross action and I believed that it could snap back. If it continued to go down I would take a loss.
4. I averaged long on that discount price with idea that if I'm wrong will get stopped out at break of low.
6, 13 pips 0.3, 0.65 R
I got out when I recovered previous loss and got small profit above that. Too bad because run up was quite funny in straight slow line.

5. That straight slow line was reason for me to try to fade previous high. Bad thing that I wasn't so disciplined so I didn't exit immediately. I left it run against me feeling up what will happen. The fact was that it was eur/cross strength and other pairs didn't fly against usd. Somehow I decided that below 830 could be high and I opened 6th trade again with 5 pips stop, averaging again. It worked.
-2, 12 pips -0.1, 0.6 R

I want to get used to trading with small stops, between 5 - 20 pips, usually around 10. This is place of my competence and I should stay in it. Only thing about today that I don't like is that 5th trade where I let it go against me almost 20 pips. I should have taken a loss after 5 pips when my fade the high idea proved wrong.
For those averaging trades I had separate exit orders and I intended to use them, so that is ok.

Day 22 pips, 1.1R

No comments: