All I can say is, whoa. I think I’m falling into my emotional traps again. For my 10:00 AM trade I went back over to my old friend the EUR/USD. I decided to trade with the trend, so I took a short at 10:00 when the candle crossed the mid-line. I waited a few seconds to see of the news from Canada affected anything, but it didn’t seem to so I took the trade. I watched price immediately move about 12 pips in my direction but it was quick and I didn’t take profit. At this point I should have moved stop to B/E at least, but I let price go against me by about 13 pips and did not close the trade when the candle re-crossed the SMA. My stop-loss was conveniently (and by default) lingering right over some resistance, so I let the trade play out. Price moved south and hit support at 1.3432 and I thought about taking my pips. But I think it was a combination of wanting to revenge my last trade (I know, when will I get past this!?) and thinking that price would break the support because we passed the low we had made 15 minutes earlier, and price wasn’t skyrocketing back up. So, I actually moved my TP lower by about 6 pips. When price shot down one more time I took profit just before it would have hit my TP. I’m happy about the trade but I got some things to work on…
The trade:
10:00 AM short at 1.34509, closed at 10:26 at 1.34217 for +29.2 pips.
sorry about being a little late with the reporting. i got involved with some unrelated obligations. that said, today’s 3:00 pm trade was an ideal set up for entrance. i like to point these out when they occur, because there seem to be many newbies that have been reading lately. the trade:
2:50 long, .7114
the 3:40 candle broke below the lower line and closed above. the 3:45 candle was green so we had some momentum working. now here’s where we alter the rules slightly, price did close below the mid line, twice, but i was still about 5 pips from my mental S/L of 10. i made up my mind to exit if i saw a -10+. it did not happen.
3:20 exit, .7128, +14, +8
exit was on the close above the upper line.
NOW, I AM POINTING ALL OF THIS OUT BECAUSE, FIRST OF ALL THIS IS WHAT I DID AND MY THINKING FOR DOING IT. SECONDLY, THIS IS WHAT I MEAN WHEN I TELL PEOPLE THEY REALLY SHOULD TAKE THE TIME AND READ ALL OF THE POSTS.
YOU WILL NOT GET WHAT I DID TODAY JUST FROM FOLLOWING THE RULES!
now, i am not ranting to my regular readers and i admit i may be over reacting to the guy with the log name. i admit that some of his comments did not sit well with me. i am sure that he did not like some of my answers but i was trying to be honest with the guy. enough said!
ok, this was the perfect set up and trade, as far as this strategy goes. they were no lean backs over the mid line and i attained a TP trade. the trade:
1:45 long, .7108
2:00 moved S/L to .7120. am waiting for a close above upper line, a TP trade, or a red candle at 2:05 for exit.
my answer to the question you both ask is quite simple, i didn’t get on line until 1:35/1:36. this is one of those situations where luck really smiled upon me. however, i made up for my good fortune with my most recent trade:
7:55 short, .7081
8:26 exit, .7092, i took the mental loss i have been referring to, i saw a negative -10 and by the time i executed it was -11, +12
well, i may have jumped the gun a little again! if you go back to around 2:00 am, you would see that a/u was trending down. now, for our strategy that shouldn’t really matter much, but i did look at it. then, i took the 7:45 am touch, AS A CROSS AND CLOSE AND SOULDN’T HAVE. this is two days in a row that my haste has cost me. however, i think i am learning something. if price crosses the upper or lower line and the next candle continues the direction, rather than reversing, it looks like that may turn out to be a trade.
examples;
2:55 am april 6th
7:20 pm april 6th
4:40 am april 7th
8:25 am april 7th
well, i have no answer for this other than that’s trading. i did not post the 2:00 am trade earlier this morning because it lasted much longer than normal. it turned into a stand off as to who would blink first. the longer it waited the more determined i was to wait it out. i just missed a TP and i really felt that the action would take me back to the TP. it did, but not until after 4:30! you will see, i didn’t wait that long. anyway, i figured i’d post in the morning. YUK, I DIDN’T HEAR MY ALARM GO OFF! the 2:00 am trade lasted roughly an hour longer than normal, and i arose, quite naturally, an hour or so later! now, i bring this up to point out that i missed a perfect set up and a potential TP trade at 8:00 am. I HOPE THAT THOSE OF YOU TRADING THE A/U SYSTEM TOOK THIS TRADE. for me, the trade i wound up taking produced a BE. here’s the bottom line, i have taken the time to write out my feelings because you may learn from this. those who do not want to read all of the posts miss these things. if i would let this bother me, it might cause further problems with future trades. this, then, is my present mind set. i had a winning trade at 2:00 am/3:00 am and a BE trade at 9:30 am. thus far, i am a winner on this day. i will not allow something that didn’t happen affect future trades. i have taken the time because this is how i think! there is nothing wrong with a BE trade! the morning’s trades:
2:45 long, .7037, entry took much longer than normal
2:46 S/L to BE
3:02 S/L .7050, just missed a TP
3:10 exit, .7050, hit S/L, +13, to sleep i go, about an hour later than normal
9:00 short, .7122
9:28 exit, .7122, at BE, +0, +13
I think it’s a holiday on Friday in Australia, so, if I’m correct, at 3pm EST they’re going to be on holiday already. Correct me if I’m wrong. Most of Europian countries are also on holiday tomorrow. Isn’t it a holiday in the US?
