Tradingjournals Quest... Turn $100 To $100K or To Ash
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e/u at 1.4626. I am thinking to scale in on short side, in front of this "ferocious" move up from 1.4568.
I think I should use reduced reduced size. I have a feeling that this damn thing can explode to 1.4670 if 1.4626 area does not hold.
If I held in this upmove, I would have made 60pips, 6 times what I made.
Quick move here. e/u at 1.4611. I am taking profits to raise funds for stops and some profits. Stick it to the bulls!
Update: I am out. This rise seems to be worrying. e/u at 1.4625.
It has calmed down somewhat. e/u now at 1.4530 area. I think I am going to go back as if I did not exit, and add to it if shoot against me, and place a stop about a couple of pips above the high. Decision on where to add will be deferred to later. Since we are 60 pips away from day's top, I would put 1/4 of size so that the loss is limited to 20 pips.
entered at 1.4626.
entered at 1.4626.
Something happened in AUD/USD. I had a small symbolic trade, and it moved from around 50 pips or so profits to 133 pips. Something must have moved it fast, which may explain the gyrations in EUR/USD.
It seems to have happened at around 9:30PM.
I was looking at the WRONG Pair!
It seems to have happened at around 9:30PM.
I was looking at the WRONG Pair!
Quote from NoDoji:
Price action trading refers to trading based on the footprints left behind by price bars, watching how price acts at support and resistance levels (previous bars' highs/lows, previous swing highs/lows, trend/channel lines, and optionally a moving average which often acts as mobile S/R) and trading in the direction of a demonstration of strength or weakness at those levels. The levels can hold or break, and you can trade accordingly (using stop orders to enter on breaks of key levels or using limit orders to anticipate a level holding).
I think the best way to hold a winner is to pretend it's a loser.
1. The one loser I have so far is from price action (my application of it). I recall there was a breakout, and retreat. I had sold at the top after the break out, and wanted to double dip after a retreat of 18 pips. It bounced some 8 pips. I was think of retest of latest high, but it went down, and fell 40 pips. It was half size, and I added at a round number. It then went to -1pip from breakeven when I wanted to exist +1. It then handed me the loss of 23 pips.
I think price action maybe good in a young leg, buying on retreat, but not on an older one.
2. I wish I can fool my mind. The only way I think it worked is when I am not in front of the screen. I seem to make more pips if I am away or asleep.
Action is in AUD/USD. I am going to exit. Out at 1.4620. +6pips.
Actually the pips risked depend on the signal. The pips range in number. There were times they were as slow as 5 pips. The highest I have seen is the one I took loss for which is -23pips.
A purpose of this journal is in fact to quantify it. The biggest factor to the loss is possibly my discipline. Since I am taking gains early, I am thinking that if I hesitate/not in a right mood, I might let a small loss run bigger.
I would need at least 25 losses to make a judgement.
I might also have to review my trading. I do not like it the way it has been done so far, as I am under performing the profit part of the trades. I am also realizing that I am part of the system more than I have thought I was.
e/u at 1.4537. I am thinking to start scaling in on short side.
update: e/u 1.4527. +10pips. taking some profits to cover stops and secure some overall profits.
update: I would not be able to watch it, so I thinking to make changes to plans. Instead of tight stops on what remains, I would give it room, and add to short if pair shoots to 1.4585 in next 2 to 3 hours. So adding limit sell orders at around 1.4585
update: e/u 1.4527. +10pips. taking some profits to cover stops and secure some overall profits.
update: I would not be able to watch it, so I thinking to make changes to plans. Instead of tight stops on what remains, I would give it room, and add to short if pair shoots to 1.4585 in next 2 to 3 hours. So adding limit sell orders at around 1.4585
e/u at 1.4512. Closed
e/u at 1.4507. My intuition tells me some buyers may be hiding around here, but I need to first analysis, which may lead to a miss as if these buyers are really hungry they would move it in too long a time.
Update: entered at around 1.4505. A problem I currently see is the limited upside, and today trend has been down. So the winds are currently against it.
Update: entered at around 1.4505. A problem I currently see is the limited upside, and today trend has been down. So the winds are currently against it.