Im creating this thread in order to share some of my thoughts on the mental aspect of trading and how that combines with actual edges which present themselves to me and how I react to them. Any thoughts or ideas on a similair level are welcomed.
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Dislikedexited position short on cable at +20 pips, for the day so far... followed my system and made my exit effectively. next risk event is usd consumer sentiment.
New minirange from 9717 to 9699 has been defined on 5min will wait for a breakout for entry inline with the current downtrend, Continuation setup.Ignored
DislikedJust to recap what just happened basically suprise chinese fund annoucement sent cable higher and the yen lower, lesson learned pay more attention to possible chinese Risk events in the future,
How could you identify the "Chinese fund" announcement has being
the cause?
The point is i was able to retain my gains and exercised self control in waiting for my signal to trigger I did not try to chase price long as this was not part of my original plan.Ignored
DislikedIm creating this thread in order to share some of my thoughts on the mental aspect of trading and how that combines with actual edges which present themselves to me and how I react to them. Any thoughts or ideas on a similair level are welcomed.Ignored
Dislikedwinter good point, the thing is I do like to take fundamentals into account, i didnt realize this chinese announcement was slated for today... even if I didnt take the trade its good to be aware of events like this which can act as a catalyst to move price and shift trends.
I try to identify these events prior to taking a position.
I have taken a low risk position at the low end of the 5min range on cable with a stop just beneath it, im basically testing these levels... this range is sitting on top of previous resistance, the short term probabilites now may possibly point to an upside continuation which iam testing at the moment.
My reason for entry is basically a possible up trend continuation range play,I have decided to take 1 of 3 possible entry levels which happens to be the most risky...
1. enter at breakout of range high
2.enter after breakout of high at pullback
3.enter at range low anticipating push higher
In each case protective stops must be adhered to control risk, because nothing is certain. I play the edges probabilities the market presents to me and use market structure to determine my entries and exits. If something doesnt look famaliar I avoid it at all costs.Ignored