Yet again report due at 15:00 (no end to reports)
This morning followed break out system and lost 20pips, than followed chart all day long and got most of that massive move down from a discretionary trade (somehow it was so obvious to me)
Now price is in a range with major support at around 15945. Although earlier on I guessed direction right, now a bit difficult to see it. If it goes below 15945 I would expect it to go to at least 15920. If it goes up (against hourly trend) may reach previous intra day high IMO.
This morning followed break out system and lost 20pips, than followed chart all day long and got most of that massive move down from a discretionary trade (somehow it was so obvious to me)
Now price is in a range with major support at around 15945. Although earlier on I guessed direction right, now a bit difficult to see it. If it goes below 15945 I would expect it to go to at least 15920. If it goes up (against hourly trend) may reach previous intra day high IMO.
The Artist
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I lost it a bit today – following charts all the time is not good for discipline – I just go on and on.😱
Made good profit on various trades today, but I'll try not to repeat this and stick to few systems (avoid all this stress)
PS Still in the last trade – long way to the stop (I could afford it – only £1 per pip) If it was any bigger stake, would have exited long time ago.
PPS It took off like a missile. Once it hits £130 loss I'm out of it – good thing about small trades is although the price is shooting in opposite direction, it takes time to hit the stop. Anyway good lesson how not to do it.
Made good profit on various trades today, but I'll try not to repeat this and stick to few systems (avoid all this stress)
PS Still in the last trade – long way to the stop (I could afford it – only £1 per pip) If it was any bigger stake, would have exited long time ago.
PPS It took off like a missile. Once it hits £130 loss I'm out of it – good thing about small trades is although the price is shooting in opposite direction, it takes time to hit the stop. Anyway good lesson how not to do it.
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Update on yesterday's trade:
I left it opened overnight (with a wide stop loss – 130 pips) and this morning closed it with a 22 pips profit – it may be more if I left it open, but I don't want to follow charts any more).
From now on I'll follow the system.
There are few reasons for this decision:
Yesterday I could have taken similar profit (20 pips with risk of 20pips instead of 22pips risking 130pips)
I could have taken that profit in about 30 minutes instead of all day chart following, risking massive amount of pips, leaving trade opened overnight, stress etc.
My current style is a short time break out strategy, not trend following.
There are some traders who are very successful in trend following strategies and I may do it one day once I know how to analyse charts properly.
For now I'll stick to original system, test it with small trades, no chart following all day, no analysis paralysis, no stress, acceptable risk (20pips) etc.
I left it opened overnight (with a wide stop loss – 130 pips) and this morning closed it with a 22 pips profit – it may be more if I left it open, but I don't want to follow charts any more).
From now on I'll follow the system.
There are few reasons for this decision:
Yesterday I could have taken similar profit (20 pips with risk of 20pips instead of 22pips risking 130pips)
I could have taken that profit in about 30 minutes instead of all day chart following, risking massive amount of pips, leaving trade opened overnight, stress etc.
My current style is a short time break out strategy, not trend following.
There are some traders who are very successful in trend following strategies and I may do it one day once I know how to analyse charts properly.
For now I'll stick to original system, test it with small trades, no chart following all day, no analysis paralysis, no stress, acceptable risk (20pips) etc.
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Just checked the chart.
2 losses and 2 wins on 4 trades.
Today I only checked the chart for 10 minutes, observed high and low and that was it. No stress and 20 pips loss.
May be better tomorrow. Anyway I'll stick to my plan and won't be wasting hours looking at the screen.
2 losses and 2 wins on 4 trades.
Today I only checked the chart for 10 minutes, observed high and low and that was it. No stress and 20 pips loss.
May be better tomorrow. Anyway I'll stick to my plan and won't be wasting hours looking at the screen.
Easy 20 pips on Claudia's system this morning.👍
That's what I like about these simple systems - you know very quickly if you are right of wrong - no waiting for hours no end.
Although important news at 13:30, I'll go for 14:15 break. May double the pips or break even today – you never no in trading.
That's what I like about these simple systems - you know very quickly if you are right of wrong - no waiting for hours no end.
Although important news at 13:30, I'll go for 14:15 break. May double the pips or break even today – you never no in trading.
Claudia123
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Thank you. Good luck with the system - I tried something similar on NY open and it can be very very funny to trade. Need a good Monday to pay for them skis .............👍
No joy today – yet another loss.👎
It's good I am trading small, so still some patience remains in me.
For how long – I don't know.🙁
PS I checked the chart for possible discretionary trade – that is really, really choppy – I wouldn't trade in that sort of market unless I was forced to do it.
No wonder system is straggling.
CORRECTION
I made a wrong entry - it could have been a win if I followed the system.
It's good I am trading small, so still some patience remains in me.
For how long – I don't know.🙁
PS I checked the chart for possible discretionary trade – that is really, really choppy – I wouldn't trade in that sort of market unless I was forced to do it.
No wonder system is straggling.
CORRECTION
I made a wrong entry - it could have been a win if I followed the system.
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Hi, where did you go short and how far in the money did your trade go before reversal?
Ez, that would have worked nicely.
My way is to check range formed by 15min candles from 12:00 till 14:15 (waiting for 14:00 15min candle to close at 14:15) and see what is the range.
CORRECTION
I checked this again and system was OK today, only I didn't concentrate enough.
My way is to check range formed by 15min candles from 12:00 till 14:15 (waiting for 14:00 15min candle to close at 14:15) and see what is the range.
CORRECTION
I checked this again and system was OK today, only I didn't concentrate enough.
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EZ, thank you for telling me about your price/trade.👍
Price on my chart was the same, only thing instead of entering on 14:00 candle, I entered on 14:15 candle. According to the system could have been a win, but I suffered a loss.One of those strange days (maybe shouldn't trade while tired or not concentrating).
This reminds me of one trade I made some time ago on EURUSD while following GBPUSD chart. What to do?
Price on my chart was the same, only thing instead of entering on 14:00 candle, I entered on 14:15 candle. According to the system could have been a win, but I suffered a loss.One of those strange days (maybe shouldn't trade while tired or not concentrating).
This reminds me of one trade I made some time ago on EURUSD while following GBPUSD chart. What to do?
