Scalping eur/usd. It didn't want to go down easy. First I had losses but then I recovered with add on to profitable trade. I'm satisfied with this scalping, maybe little to conservative without giving trades room to move. P&l first -6 then +14 = +8
First slip up was in a fact that I entered eur/jpy short without break of previous low. So I was forcing the trade in a delicate moment. Then when it didn't move in my way I didn't know what to do. Best would be to exit, but I gave it a chance because I had strong conviction that usd/jpy will break lower on important level for higher time frames. So I moved my stop for about 5 pips to above previous minor high. Well I got stopped. I was fighting with myself will I move it or not and break discipline, I decided to do it but in controlled manner because it was logical. Anyway, I didn't like that I'm moving stops.
Just as I was stopped market start drift lower, so I reshorted. Well, now when I look at chart I can see that after my entry I didn't get any movement in my direction. So It should have been very short trade. But I let it move against me. I was noticing how I'm not doing what I'm supposed to. I even averaged on idea that it's the top and that i will lose a little more or gain much. Well I was stopped on those two again. Market fell 15 pips after it. My blood was pumping true my body. P&l went from +8 to -15 and finally to -49 pips.
I was aware that I messed up and was cool enough to drop it and don't make mess bigger as I would before in those situation. My interventions against discipline cost me a lot even thou I thought that they are worth it when I made them, well they aren't.
While I was crazed up because ruined day and partially ruined discipline I noticed what was developing in eur/usd. It was yet early to tell but it happened just as I suspected that it could. Move down in eur/usd, eur/jpy and usd/jpy was over and strong reaction to other side was on.
So I entered with one trade, soon other. Run up in eur/gbp was also good indicator. Eur/usd really started to rally hard. My thoughts was that when it break morning high it's going after yesterday's that is 10 pips higher and then who knows where.
I was patient and didn't close for scalp profit nor b/e day when open profit surpassed my previous eur/jpy loss. But I wasn't in the mood to lose that hefty profit either. Gbp/usd wasn't really cooperating in the up move so when it failed on attempt to take out yesterday's high at 73 I was out in next minute. My p&l was happy going from -49 it was up +29 and +32 = +12 pips
Things were not over and I was on the look out for new leg up after retracement. I got good entry and some profit but price shaked me out, too bad. I didn't gave up and my attention was on eur/jpy which became somehow restless and I thought it could lead the move up so I entered long. It started to move and minute later I added long in eur/usd 15 pips higher then my previous exit just minutes before. Move happened but somehow limited without usd/jpy participation on the up side and without it making new high. So again I was protective of my gains and took profit. P&l moved from +12 for a day to +63 pips.
I'm satisfied with trading and my decisions and discipline even with that misstep in eur/jpy. If last two trading days discipline was five starts, today it was between three and four. In the end from -49 I finished 112 pips higher without averaging and high risks. Again it proves that I trade satisfactory when conditions and pace of market are right for me. I just need to recognize when I have that kind of setup in front of me and pass other ones.
+63 half size pips
Thursday, June 10, 2010
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6 comments:
nice work, and discipline!
I feel as it was one of my best days ever.
hey, i have designed a comprehensive course on forex trading and would appreciate it if you could look at it and give me a testimonial.
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gulzaar
Hi Gulzaar I'm really not interested in courses or giving testimonials. No hard feelings.
no problem at all, thanks for replying. how is your trading coming along? i havent been able to post on my blog for a long time
Ups and downs, but I manage to advance.
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