That’s the thing I like about this place, has a habit of brightening up your day every now and again. And just to answer the question ST, first post about trading was on Beginner’s Disaster, it’s probably slipped your mind by now LOL !!
Anyway, managed to take a whole +15 from a live trad yesterday as EU re-approached and then retreated somewhat from the 1-22 figure. First live trade for ages. Family all get into Newcastle airport around 9 tonight so hopefully come the start of the week I’m ready to trade again.
I understand what you are saying Re; Taking a break, RC. Just wondered if a little losing streak sometimes leads to poor decisions creating it’s own little viscious circle.
Anyway, breakfast time now in taxi world. Will it be the healthy option this morning, or the heart attack on a plate??? Hhmmmm, decisions decisions, I’m feeling particulary upbeat this morning, might just go long the heart attack !!
Can’t get my trading platform on my phone for some reason. Still fancy shorting AU at 1-02. It might already be there and I wouldn’t even know about it.
I think I am with you. I spend all week getting my butt kicked by these markets. finally tried another long last night at 1.0125 and if the market can hold I will be up a few pips on the week. Alot better than most of this week and last.
Great trade with the Cable… I almost enter a trade but didn’t want to be expose to the market too much… I already had the Fiber long and a Swissie short…
Not sure I approve Yunny. Trading two highly correlated pairs like that? Fiber and Swissie… great if your right, double jeopardy if your wrong! EU and GU is a better bet. If your of the ‘I’m almost always right’ persuasion?
You are right RC about the correlation… the thing is I already had those orders in place and my total exposure shorting the USD was about 1.2% of my account… it was more about getting the right place to enter
Looking at EU 1H, 4H and daily right now pre open. Going by them I’d need to think we’re going up, and I reckon if it does hit 1-23, there’s not much (except possibly 1-2320/30) to stop it before 1-24.
That being said, FXCM Dollar Index reaching a previous support level so maybe Monday morning might give me a better idea. HoG family all home safe and well so now back in the old routine. Once the smallest HoGette is safely tucked up in bed I’ll try to stick a couple of charts on. Oh the suspense…
Me neither Hog… just watching! 4h EU hasn’t given me a short signal yet and daily neither way. GU same but daily still long. So ahum… I’ll just keep watching! LOL
In my case the damage is done before the need to take a break comes in.
And if its repeated, its always the same old culprit.
Unable to accept a loss, need to revenge the market ( I call the gremlin cover loss ).
And when I go into this pattern, I always end up loosing more than I needed to had I just left the initial trade that triggered the landslide to hit the original SL. By the end of the day I will be kicking myself for making the same mistake again. Although it has become very less these days, it still happens occasionally.
The hardest part is waiting for the entry. The entire thing, funnily clears up the next day, just like having had a few more shots than I ought to the night before. So the need to take a break has not come into the picture as yet.
Talking about averages, my Asian sessions on net, take money away from me, London is the one that generally replenishes it, with US being less profitable than London.
I had a pending AJ that clicked but I am getting out of it with 20 pips. Asian is just not for me. EA and EN on another account is just pretty much sitting there for the last three hours.
With that being said, funny you should mention that GU is most probably a downer for both London and NY.
I was looking at Fridays up move, and I felt that the up was more because Friday doing what it does best, ease pressure on the direction of bias for that week. So I was thinking all in all if London opens I might either go for a sell provided prices retrace back up before that and does give me a SL justifying me trading on a Monday.
Great words right there. I still traded last week and got out of the red. Still in that trade. I do say though the need to take a break is a good thing depending on why. If your taking a break to take a break then great. If your taking a break because you mind is not in it then great. I you are taking a break because you lost x number of trades then cudos for staying disciplined but that is no reason to stop trading. My case I have had a lot going on so my head is not been in the game. Also I have tried tweaking my stops and I feel it is messing with my analysis due to having a wide stop my precise entries have been off due to having that cushion. So thats why I want to step back to look at everything and rethink. I think I am good over the long term but 7-10 pip stops after a 4 pip spread that might not be so sustainable over long term. It may even be but its been getting to close for comfort.
There you go, told you all that EU was going up didn’t I ?? Thinking about changing my screen-name to either “ReverseHolyGrail” or just plain old “MrWrong”.
Would love to find a good Avatar for Mr Wrong !! LOL
Thinking on the call for EU to go higher went a bit like this.
Pair of pins ( though admittedly not too big ) at the bottom for last two days on daily. As mentioned above, FXCM Dollar Index looking like a short ( though as noted it WAS approaching a previous support ).
Concern for the long was that price had already opened close to the R1 on daily pivot (2276) with R2 only another 36 pips higher around 2312. Personally I’m getting to the point where I don’t want to look for a move above or below R2/S2 ( respectively) on any one day. Maybe that’s just one of my own personal little internal rules that I have developed.
Possibly wait til around NY open to make a decision either way but off to work now. Be safe everybody and good luck for the week ahead !!
No apologies necessary, tu español es perfecto!
Hope no bad news come out on weekend…