Week that was

14 08 2010

Final trade of the week entered late yesterday afternoon. Short following break of new low formed at 1.2777. Entered at blue line, stop at red and stopped out very shortly afterwards for full 60 pips on 3 contracts. Not a good end to the week.

In summary, finished the week +3 pips! The lesson’s pretty plain to see, following my rules would’ve resulted in a +109 pip week. Instead I did two things this week which contributed to the lousy finish. 1 – expanded my trading method to include reversals instead of playing just pure breakouts, 2 – expanded method to also include re-basing lows following false breaks, in a sense allowing me to ‘chase’ the trades. Both these inclusions have not been tested so why include them in my live trades? Answer’s simple really, being greedy and not wanting to miss out.

It’s been a very comfortable 2weeks, my boss has been on holiday so it’s been really easy to watch the charts all day. Doubt that’s going to continue to be the case from Monday onwards. I’m sure that this will help in not over trading. I’ll still be watching somehow but it may just mean on missing a few pips…

Need to find a free service that’ll message me when price hits a user defined target. Any ideas?!

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3 responses

15 08 2010
FFXD

Nice blog… keep it up.

17 08 2010
long&wrong

>>Any ideas?!

They look IG Index charts to me(?) . They have an option to send SMS or e-mail alerts when a defined price is reached.

17 08 2010
bambammarket

Actually it’s from ETX Capital but they both use the same chart provider – thanks for the heads up, that’s exactly what i’m looking for!

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