Tuesday, September 22, 2009

Big risk

I didn't follow my rules, I let loss run, I averaged losing position. I had too much leverage and too big position for me to handle it with ease. I don't like it, I don't like trading like this. It's mixing of styles, but even if I stay with trade as a daytrade and not a scalp I usually take scalp profit and don't let position or part of it to run.
That big run up before my entry was while I was in the kitchen making myself a coffee. I figured that when it so easily broke recent high it will go up much more. So not only that I had eur/usd long I add gbp/usd as well minute later. Then gbp/usd started to fall based on eur/gbp and eur/usd didn't continue it's run. I really didn't want to get stopped out from long position for bad timing on this strong market. After I averaged one more position in gbp/usd that pair run up more then 20 pips. You can see it at 9:53. I was thinking that is it, it will brake up on both pairs. Well, it was just spike on eur/gbp and my gbp/usd from nice winner turned back in loss.
I was waiting for a brake to the upside, I got not exactly what I wanted. Because eur/usd wasn't strong enough to pass 1.4800, but I did get a brake in gbp/usd. Eur/gbp loss ground and gbp run up. I took all the profit at the same time because eur/usd didn't follow and gbp/usd paused. I had in memory spike from 30 minutes ago and didn't want to risk it again. That gave 43 pips which isn't more then 0.5R probably, because I would lose heavily if things continued against me with three positions on.
Later I had one gbp/usd short trade based on eur/gbp movements.

+52 pips, +3.4 %

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