Tuesday, February 17, 2009

Mixing time frames

First two scalps than attempt at break down. Near was European news so I thought that it can't go far against me when it start to go up. I was ready to take loss or reverse or something when I see reaction to the news. My thinking was that downside is least resistance but that doesn't erase the fact that when I have scalp profit I take it, when I have loss I jump on higher time frames, or that trade in eur/usd was -3R against me at the top.
News was better then expected. I was thinking reversing long but it somehow after initial spike didn't show me that would be good idea. Than I decided to average but not in eur/usd but gbp/usd which moved far away to yesterday highs on it's good news and eur good news. That averaging worked to some extent.
Last was short in gbp/usd with half size, half risk so I can bread easily. That worked nice.

When I look at chart I can see that my eur/usd short first bounced against me, I held which is ok. Then it went my way, made lower low and after that point i didn't want to let it go. I was too much certain that it will go down. I was wrong but didn't want to admit or let it go.

8, 4, -29 pips
0.4, 0.2, -1.45 R

21, 19 pips
1.05, 0.48 R

day 13 pips, 0.65R



Some of those calls are looking pretty damn good man.

FX said...

It's hard for me to define risk parameters. It's so fluid, I wonder how do I in the end manage to have so many reasonable good (profitable) days.