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- Thread starter Lord Flasheart
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D.Gilberto
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It is a great shame, as overall this trade despite losing was my best trade this week. Set up was pretty good and I was firmly in control of its price action.
I actually had +20 to bag and I had this forecasted to take profits here. First time in a long time I lost control of my strategy and wanted to let it run just because the USDCAD trade I took short yesterday I actually cut short for +54 (instead I wanted that to run on fair reasoning too)
So a little annoyed at myself, not for the fact that I lost, but due to my arrogance.
(if anyone might be interested, its much clearer to see on the chart attached. Very simple and effective trade)
(I am not attempting to teach anyone anything - Its sometimes better to see what im saying that is all)
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pulling order on audusd now dont want to be in a trade over the weekend
nearly made it up there just turned a little short, if it was not friday i would let it ride
have good weekend
jungles
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splashy
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I know how you feel. I had a trade today on eurjpy which reached my target, but i thought it had legs to go further so i didn't take it. Next thing i know it turned and i ended up out for b/e so i'm still kicking myself for being greedy. Win some lose some, but i think we remember our bad decisions and forget many of the good ones.
jungles
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whenever i sit down at the desk, one eye is on the market, one on myself
........i'm usually the one causing the bulk of the problems (rolls eyes)
........i'm usually the one causing the bulk of the problems
(rolls eyes)
VielGeld
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Hmm... While this was my only loser this week, it's probably also the one that's got my gears running the most.
Several elements stand out:
1) I could have closed it at a profit of +10 before it shot down against me. Several times.
2) My analysis of the range was correct and my stop of 1.2175 was correct as well. What I hadn't anticipated was the run down to the recent low (below 1.217), which would have triggered my stop anyway and caused a loss.
3) My original view that the 50 would be blown was correct, but it happened later than anticipated.
There are several things to consider here:
- I traded this with the levels present on the 1h chart. That is where my trade idea originated.
- I failed to notice the proper levels on the 5m and the concurrent PA (1.221, 1.2185, and 1.217).
- I set my targets on an un-even mix of the 5m and the 1h. Upper target was based on 1h, lower target had basis in the 5m.
- I managed my trade with a view on the 5m, so I believed 1.2199 was a good entry. It was not. 1.2185 would have been a good entry, with SL somewhere around 1.216. Much better risk/reward. I instead instigated a scalp of the 5m.
------
Proper management of this trade would have been to close it out at +10 before it shot down. I had ample warning of this on the 30s. Then observing the development of the low at 1.2185, I could have chosen it as a good entry for low risk and put in a stop below the recent low of 1.217. Target would have been the same, but higher profit at lower risk.
In the future:
More patience before putting on a trade, or better perspective of the levels in play according to time. There was probably no way for 1.221 to be breached during the Asian session given the resistance it encountered on the 5m before shooting down to 1.2185.
While I am used to putting on (waiting for) trades on the 5m as evidenced from my good entry at 1.2199, I need to become better at doing this according to the 1h if I'm to do better swing trades.
*Whew*
There. I feel better now. This one trade was bugging the hell out of me for all the missed opportunities in it.
Lord Flasheart
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short aud/chf at 1.0039 sl 1.0065.
D.Gilberto
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Long EURUSD:
1.22090
Stop -40
TP 78+
1.22090
Stop -40
TP 78+
D.Gilberto
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-20 exit
long eurusd on the button @ 1.2180
Lord Flasheart
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-26 x 2,very poor start to the month
Lord Flasheart
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short uad/chf at 1.0065 sl 1.0085
worth another go
worth another go
