The GU long today bobmaninc I thought was pretty good. Knew why I entered, knew why I targeted what I did and used my 2% “allowance” for my stop. So I thought it was a good trade even though I closed early.
Yesterday though there was a trade that was a bit lucky not to have bit me on the bum. I ended up winning out of it but could’ve went the other way at one point.
This shows me that I’m still not free from that reckless urge so while it’s there, caution may be the better part of valour.
Next thing to work on is posting a trade, just after I enter it and let it play out one way or another. Very rarely do I ever let a trade play out to my original target.
A work in progress so to speak.
Another thing to work on is staying away from “expert opinion”. Posted last night that it was a coin toss between GU long or UJ short. Never took the UJ short because of something I read on the news feed of my platform, even though the candles and resistance was telling me to go short.
Nowdays algos are linked to news sources so they can react faster to any type of news, since it was “fake” :54: tweet… price recover rather quickly[/QUOTE]
Do think think there is an algorithm that can read and interpret a tweet as complicated as “explosions in white house, barrack obama is injured” and base a trading decision on the implications?
That’s some pretty bad a$$ programming…
I think the initial reaction was initiated by humans who interpreted the tweet, then price action following algorithms followed suit.
5070, the noted bottom level is my final target for that 20% if we can make it down there…
So far Cable looks unwilling to go higher, this demand level i have noted, or Yunny’s ‘swap’ area to me looks like its been tested too many times… Hoping to see the 1.52 give way soon…
No trading for me this week - final year exams at uni keeping my busy!
That said i do have a buy order on the EU at 2940 if we make it down there this week…
Been thinking about this since you posted it bobmaninc. I think continuing to trade after such a good start to the week is fine, as long as you can look back at all of your trades with your hand on your heart and know you traded them all within the safety of your trading rules.
I don’t think I can do that in all honesty. In fact, right now I’m even recognising the same kind of feeling within myself thay I had just before the trade where I lost almost 40% of my balance.
However, I’m comforted by the fact that I AM recognising it and I’m encouraged by it. After all, my account has grown around 12% this week already so if I don’t make another trade this week then this week has still been a success.
No charts or trades tonight then, (except this UJ trade I fancy Sanj). Start back again looking at the charts tomorrow with a clearer, less full of itself mind.
Some hedge funds have already begun trading strategies based on sentiment on Twitter, such as London-based Derwent Capital Markets. Researchers at the University of Indiana in 2009 also designed an algorithm assessing mood moves on Twitter that could predict a rise or fall in the Dow Jones Industrial Average with 87 per cent accuracy three to four days beforehand.
The next news story will be about a firm creating an algorithm to create thousands of twitter accounts which pump out hundreds of thousands of tweets containing keywords to trigger the algos of other firms to move the market in their favor…
AU looks good to 1.0300… bob’s your man though, To be honest Hog, I’ve never really looked into any of the above. So let me know what you think after looking them over?
Congrats mate, I am glad you got some pips out of it. I was just stopped out at BE, moved my SL after we failed to make a new high or reach the 1.5300 resistance. I am considering halving my take profit targets. I miss out on pips far too often.
Yunny, do you mean that you only enter your trades at S/R on the first entry signal? Therefore, if price bounces down/up again off the same level you wont take the trade (obviously, were talking higher TFs here). Do you mind if I ask what’s your reasoning behind this?
