Road to disaster

[Vaco]

Stopped out on that one, however on reflection i'm glad it will help keep me in line and more disciplined in the future, i think a small profit on either of the last 2 trades would have been far more damaging to my trading.

 

[Vaco]

OK,

after a couple of days off to get my head in the right place i'm ready for another trade.

Orders in to go long at 12810 stop loss 12740 profit target around the 13000 mark. I think i've probably missed my entry as i should have caught it last night but i'm not going to chase the trade by entering now. if it comes back to 810 before moving up then great, f it dont and I miss the trade then thats just how it is and I have to accept that these things happen.

 

[Vaco]

I no longer think we are going to bounce back up and believe we are more likely to drop to 12650. order is in to close trade and go short at 12850.

 

[Vaco]

Stopped out on that one for a loss of 70.

The worst part is I was bearish on the market yet stayed long, so what can i learn from this trade. hmmmm

Firstly I think I should be bringing my stoploss up to Break even quicker. I was thinking once an hourly bar has cleared the entry.

This would have allowed me to put in a short below support.

secondly I have to get better at killing the trade at the end of the day if it has not moved away from my entry rather then waiting for a move.

The second learning should be quite simple to implement however the first would require the purchase of a laptop and dongle for wireless access as i dont have access at work.

Maybe I'll con the wife into an early bday present

 

[Vaco]

short @ 12897,

this is where it got to last time, looking for a move down to 12650 sl @12967

 

[Vaco]

MOving stop loss to break even.

 

[Vaco]

Stopped out at break even on the last one, back in tonight at 12971 short sl at 13041

 

[Vaco]

Closed the trade at 12895 for a profit of 76 points. planning to go back in short around the same place tommorow and then i think were heading south.

 

[candles]

You got skillzzzzzzzz.

Good stuff.

 

[Vaco]

New order in to go long at 12860 sl 12760

this order will be closed and will go short at 12960

 

[Vaco]

trade triggered 5 mins into the new day, gonna be a volatile hour but thts why the stop loss is 100 pts!

 

[Vaco]

sl moved to be 12960

 

[Vaco]

well it took all day but we finally got there, closed and went short at 12985 for a profit of 125.

sl for the short is at 13055, I'm looking for 12710 or lower as a profit target for this trade which would give me 275.

 

[Vaco]

well that should have been a be trade but i didnt move the stop loss to be in order to give the trade room to move. so instead i've been stopped out for a lose of 70 pts.

from now on capital preservation will definatly take priority over any potential profit. Out of the market for the next couple of days now until i can find some direction and support/resistance.

 

[Vaco]

I think it might do me some good if i find a job thats mon-fri with no internet access.

I'm at home today and within 5 mins of switching on my pc i've placed another trade (this one will have to go down as an impulse trade win or lose) so i find myself long, yes you heard right long at 12865 looking fo a retracement up to 12950 or above. sl 12805.

 

[rathcoole_exile]

so i find myself long, yes you heard right long at 12865 looking fo a retracement up to 12950 or above. sl 12805.

i'm on the ES, but also looking to go Long. I've got a BuyStop order in just above this present consolidation at 1422 (equiv point to the 12966 on the YM), in the hope that it does move up. after all, there's the small matter of an overnight gap to fill .....

but looks like my entry point is your target point, so either you're going to miss out on upside or i'm going to get stopped out pretty swiftly if you're right and market turns over there

 

[Vaco]

Rath,

i'm starting to think you are right to wait for a break out today as it is looking less and less likely, i prefer to try and get at support/resistance levels. It means I get burnt on days when they fail but the rewards are great when they hold.

 

[rathcoole_exile]

Rath,

i'm starting to think you are right to wait for a break out today as it is looking less and less likely, i prefer to try and get at support/resistance levels. It means I get burnt on days when they fail but the rewards are great when they hold.

I know the rewards are better when you get it right, but in my experience, I prefer to see that Momentum is proving me right first. I'd rather miss out a few points at the start and try and catch a flyer if I can.

You're also correct that today looks like a difficult day - my heart tells me that price should go up, at least to close the gap, but my head is telling me to follow the evidence - all stations South from here

 

[Vaco]

stopped out, serves me right

 

[rathcoole_exile]

sorry to hear that Elef.
but Long is actually starting look a little better now, maybe you just went too soon.
maybe worth a re-try on a break ?