Doesn't look too good this one, setup from HA charts usually carry some immediate momentum but not this time. May well cut before stop.
Stop hit -28
Hmmm stopped again... -11. 38 down for the day, one more loser and this will be my biggest drawdown in 6 weeks. Nice.
Target 1.3400 but may hold beyond that...
After a couple of minutes actually spent looking at the charts my initial short at 1.3311 was a clear buying opp on the candlestick chart... At a level of support with an upward facing trend line. Didn't really pay too much attention, just saw the signal on HA's to short and that's what I did... Tut tut tut stupid trade. Need confluence!
Limit on long set at 1.3400. Either it will hit or it won't, I'm closing the charts and giving up for the day.
Quite disappointed in my first trade this morning, I really should've known better and thought that I was over making such silly mistakes. If the trade I have running now hits its stop then I'll be down 64 pips (around 5%) for the day - My biggest losing day so far trading this way has been -45 pips so not very happy.
Tomorrow is another day... Need to make sure I actually fu*king look at the charts before making decisions.
Quite disappointed in my first trade this morning, I really should've known better and thought that I was over making such silly mistakes. If the trade I have running now hits its stop then I'll be down 64 pips (around 5%) for the day - My biggest losing day so far trading this way has been -45 pips so not very happy.
Tomorrow is another day... Need to make sure I actually fu*king look at the charts before making decisions.
At the risk of this being a revenge trade I am long again @1.3343 with a stop @ 1.3309..
My reasoning is in my view we're trending up and if we get beyond 1.3400 there should be a reasonably smooth run to 1.3500. Everything I use to make a decision is pointing to a long so I think it would be daft not to place the trade. My stop now is where my entry long should have been with a 10 pip stop at 7.30 this morning
This will be a set and forget trade and I'll be annoyed if it stops me out but I have to keep in mind that the first 65 points lost today were through my own stupidity - This trade at least follows my rules so it's on.
My reasoning is in my view we're trending up and if we get beyond 1.3400 there should be a reasonably smooth run to 1.3500. Everything I use to make a decision is pointing to a long so I think it would be daft not to place the trade. My stop now is where my entry long should have been with a 10 pip stop at 7.30 this morning
This will be a set and forget trade and I'll be annoyed if it stops me out but I have to keep in mind that the first 65 points lost today were through my own stupidity - This trade at least follows my rules so it's on.
Oooookay well yesterday was a very bad day. Down 100 pips or so in the end. We can all see where EU is now... My last long that I posted went 40pips in profit before pulling back so I jumped out for +14 then entered again because I still believed we were in for a break of 1.3400... This went 40 pips in profit as well, then came back and stopped me for -56.
My rule of only taking trades where my stop can be 30 pips or less went out the window for some bizarre reason and I got carried away with a belief which didn't hold. Obviously this is stupid and I should know that by now.
The reason for this journal is for me to have a complete and honest record of my trades so that I can see where I'm going wrong\right and at the moment it looks like my discipline is out the window.
Ah well, today's a new day, my account is still fine even though it's around 9% down on where it was 24hrs ago... The aim is to pull that back by the end of the week.
For today, I'm looking for a break below 1.3200 which will see me short with a target around 1.3150.
Another note actually, yesterday formed a double top on the hourly... I was talking to my missus about where I thought EU might be going and that was one of the scenario's - Either trend up through 1.3400 or double top and sink... Why was I hell bent on an up trend???
My rule of only taking trades where my stop can be 30 pips or less went out the window for some bizarre reason and I got carried away with a belief which didn't hold. Obviously this is stupid and I should know that by now.
The reason for this journal is for me to have a complete and honest record of my trades so that I can see where I'm going wrong\right and at the moment it looks like my discipline is out the window.
Ah well, today's a new day, my account is still fine even though it's around 9% down on where it was 24hrs ago... The aim is to pull that back by the end of the week.
For today, I'm looking for a break below 1.3200 which will see me short with a target around 1.3150.
Another note actually, yesterday formed a double top on the hourly... I was talking to my missus about where I thought EU might be going and that was one of the scenario's - Either trend up through 1.3400 or double top and sink... Why was I hell bent on an up trend???
I'm starting to consider a longer term approach to trading... I have been advised to do that several times anyway but my account size has stopped me. I would need to risk between 5-10% of my account taking trades off the hourly but I'm considering giving it a go.
I started this journal because my trading has been going well and two days of poor results isn't particularly shaking me but with wider stops and paying attention to the 4hr & 1hr trading supp\res only I would be up a fair chunk... For instance, yesterday - Without looking at the 15m and lower the double top forming around 1.3400 would have got me in to a high probability trade with very good RR but instead I was looking at an intraday up trend thinking it had enough legs to break that resistance and obviously it didn't.
I'm now short 1.3213 with a stop at 1.3300 so around 7% risk but this is a micro account and I'm not going to be too upset if it gets blown to bits. I'm still learning and finding my feet. Longer term trading will suit my lifestyle better anyway and reduce my stress levels considerably. We'll see how this goes...
I started this journal because my trading has been going well and two days of poor results isn't particularly shaking me but with wider stops and paying attention to the 4hr & 1hr trading supp\res only I would be up a fair chunk... For instance, yesterday - Without looking at the 15m and lower the double top forming around 1.3400 would have got me in to a high probability trade with very good RR but instead I was looking at an intraday up trend thinking it had enough legs to break that resistance and obviously it didn't.
I'm now short 1.3213 with a stop at 1.3300 so around 7% risk but this is a micro account and I'm not going to be too upset if it gets blown to bits. I'm still learning and finding my feet. Longer term trading will suit my lifestyle better anyway and reduce my stress levels considerably. We'll see how this goes...
To anyone bothering to read this mess of a journal it will look like I'm a bit all over the place and I am because I still don't fully know how I want to trade. Short TF trading appeals because my account can handle the risk and the profit\loss comes much quicker. Longer TF suits my life but not my account but I'm gonna see how it goes anyway.
If all doesn't go well then at least by the time I've blown this account I will know which way I want to take my trading and hopefully anyone reading will learn a thing or two as well if that's what they're looking for.
If all doesn't go well then at least by the time I've blown this account I will know which way I want to take my trading and hopefully anyone reading will learn a thing or two as well if that's what they're looking for.
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