My brain doesn’t respond to red numbers…

20 08 2010

Just when I thought I was having a great end to the week all hell breaks loose and I’m again sat in front of the screen wondering what the hell’s going on. For most of the last week EURUSD has been bound within 1.293and 1.277. I’d been expecting the likely direction to be north, aiming for 1.3 but haven’t really been too fussed and up until now and I’ve largely stayed out of trading as there hasn’t been too many signals.

6 trades this week (excluding the one mistake, which again I’m ignoring) for total of 79 pips. Improvement from last week purely by simply sticking to my rules. There was of course one ‘off the method’ type trade, one small position for a -10 pip loss – a 3 min pin bar at a key support level. I do trade price action alone also but only occasionally.

Chart I’m posting below shows this morning’s trade. Key levels are 1.2791 which was yesterday’s low. First entry at 1.2784. Saw a quick painless 1st target reached, some minor consolidation before plunging down to the range low of 1.277. Price broke through and a new entry was initiated at the next blue line with target at the next gold line down at 12711. Only small problem was that I opened a buy order at my first entry. What a moron. Realised one thing through this, I don’t react well to seeing string of red numbers flashing all over the place, I panicked and closed all positions. If I had actually forced myself to step back and think properly for one second I would’ve still had open the first trade from 1.2783 and could’ve minimized the 2nd loss by waiting for a better exit, though that last point is debatable. But I was too busy screaming at myself to think clearly….So in summary, the ‘good’ trade was +76 pips total for 3 contracts whilst the total for the bad trades was -20.

When I first started this blog I definitely did not expect all the drama to be self created. However for this weekend I’m going to focus purely on the positives in the week but just going to bear in mind that trading whilst at work causes recklessness!

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One response

20 08 2010
long&wrong

I missed most of my entries on the e/u break lower so did little better.

My main reason for commenting though, this may be of interest (launched today)…
http://www.netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/ChartStation.aspx

… alerts to e-mail, IM etc.

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