Good place to heckle and shame the newb (fx)

Same trend line got bounced again while I was at work. Even larger move this time. Who says simple s/r doesn't work?

eurzzz.jpg


:p


EDIT: Hmm... apparently that wasn't one of the charts I posted. The pervious test and fail of the trend line is when I entered the short mentioned on the last page. I entered a candle too early to catch the immediate move. Probably should have waited it out or re-shorted on the next candle. Obviously the line continued holding strong. I think we're too far gone to see another test of it any time soon. Time to look for new setups.
 
Got distracted, no trades tonight.

Totalzzz:

Week 5 Day 1
+65.5 pips
20/5/1

Just over my 14 pips/week target.

Schoolin' all day tomorrow, no trades until Wednesday. Happy trading everyone.
 
Decided to play around tonight, should have just taken the day off.

Short EUR/USD 1.45988
Covered EUR/USD 1.46053
-6.5 pips

Was due for a loser. Glad to get it out of the way.
 
Ended up breaking back down after a few pops up (one of which was what stopped me out).

Re-shorted on what appears to be another failure of the trend line on the hourly.

Trying something new with this one. I'm off of the 15 min trend line (worse position than previous), but a large hourly down move is still in play. If we retest the hourly or 15 minute trend line I'll double down and watch direction from there.

Short EUR/USD 1.45885
 
That one went somewhere over the moon last night. Now playing it as a swing on the daily chart. Intelligence would have dictated that I average up at the double top on the hourly, however it was there when I started the platform and before I could gather my thoughts the price had already dropped 60 pips. Had I actually averaged up I'd be in profit at this point. Live and learn.

So far, so good - down half of what I was. Take profit target #1 at 1.4540. Take profit target #2 1.4441.

I plan on sticking to those this time (I hope).
 
Sticking to the take profits may have just cost me a miraculous 16 pip gain on a terrible position. Lesson for the day very well could end up being: personal experience and intuition > advice from elitetrader. Sell offs - get 'em while they're hot, don't wait for more.

We'll see....
 
Lesson learned. If you're doing something that works, stick with it. Listen to yourself, not others.

16 pip gain, now 60 pip loss.

Now watching so see if this is simply a quick retrace or if it's now made a double bottom for the continued ride up. I believe the latter is more likely. Valuable lesson learned though, unfortunately at a hefty cost.
 
All done playing with that one. To aboslutely no one's surprise, as it struggled slowly back down to a 5 pip gain, the exact second I call it quits it plunges to the depths of hell. Par. Not going to complain though. The reverse head and shoulders is panning out and I consider myself fortunate to have gotten out on the right shoulder. If it fails down further from here... well that'd just be too par.

Covered EUR/USD 1.45901 x2
5.4 pips

Got out in the circled area. Could have road for 15-20 pips, but not worth playing with fire anymore.

92933950.jpg
 
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