Stage: LEVEL 9
Date: 11/10/2006
Trades:
GBP/USD BUY 3 lot at 1.8563, CLOSE at 1.8551 TOTAL: -12 pips
GBP/USD BUY 3 lot at 1.8554, CLOSE at 1.8551 TOTAL: -3 pips
GBP/USD BUY 3 lot at 1.8551, CLOSE at 1.8539 TOTAL: -12 pips
GBP/USD SELL 3 lot at 1.8540, CLOSE at 1.8565 TOTAL: -25 pips
GBP/USD BUY 3 lot at 1.8537, CLOSE at 1.8540 TOTAL: 3 pips
GBP/USD BUY 3 lot at 1.8537, CLOSE at 1.8548 TOTAL: 11 pips
Total for the day: -38 PIPS
Current Account Equity: $85.79
Comments:
Ok, I'm actually re writting this because my computer just crashed before I could post.
So, I was long on GBP. Since I entered I had been up but time passed and price still was not doing much. Then it was almost time for the minutes.
I decided to go with my trades because I thought it just needed a little thing to go my way, as it had not been going anywhere.
I was expecting the minutes to be good to my trades because I thought we will hear about the growth decrease in US and housing market not helping growth etc. So it would have meant some more pips to me cause in that case it would not be good for a rate hike again (am I correct?)
But, the minutes came and I only heard about inflation worries etc etc, meaning it could be room for more hikes. Then my SL's where hit. After the news I had replaced the original and put tighter ones.
Then, after 15 min candle closed, I see some retracement and I wanted to see more retracement because it was not too bullish for dollar.
Then Mr. Bush starts talking about a budget deficit decrease and I didn't act quick and again SL hit.
After that it was obvious to me the trend was down and combining all the news it would be a good move, so I entered.
I was right about the direction and was getting some pips, I almost breakeven with previous losses, but my target was at about 50 pips.
After that the crash in NY......... market panic....dollar slipped... and again SL hit.
Then I just scalped a few pips to lessen the damage.
So, we had two news events. One we knew about and one nobody did.
I already had said I was not going to trade on news and that is what I should do!
Next time I HAVE TO close all my trades if a news event is coming, or not open any.
The other event is just not predictable and there is what SL's are for. Eventhough in this case if I didn't have an SL price would have came down again but that we can never know. What if it was in fact something bad?
I keep learning and keep making the same mistakes I should make.
I have to discipline better.
Pips To Level 10: 66
Accumulated Pips: 281
Days Since Level: 2
<!-- / message --><!-- controls --> Days since Start: 36
Date: 11/10/2006
Trades:
GBP/USD BUY 3 lot at 1.8563, CLOSE at 1.8551 TOTAL: -12 pips
GBP/USD BUY 3 lot at 1.8554, CLOSE at 1.8551 TOTAL: -3 pips
GBP/USD BUY 3 lot at 1.8551, CLOSE at 1.8539 TOTAL: -12 pips
GBP/USD SELL 3 lot at 1.8540, CLOSE at 1.8565 TOTAL: -25 pips
GBP/USD BUY 3 lot at 1.8537, CLOSE at 1.8540 TOTAL: 3 pips
GBP/USD BUY 3 lot at 1.8537, CLOSE at 1.8548 TOTAL: 11 pips
Total for the day: -38 PIPS
Current Account Equity: $85.79
Comments:
Ok, I'm actually re writting this because my computer just crashed before I could post.
So, I was long on GBP. Since I entered I had been up but time passed and price still was not doing much. Then it was almost time for the minutes.
I decided to go with my trades because I thought it just needed a little thing to go my way, as it had not been going anywhere.
I was expecting the minutes to be good to my trades because I thought we will hear about the growth decrease in US and housing market not helping growth etc. So it would have meant some more pips to me cause in that case it would not be good for a rate hike again (am I correct?)
But, the minutes came and I only heard about inflation worries etc etc, meaning it could be room for more hikes. Then my SL's where hit. After the news I had replaced the original and put tighter ones.
Then, after 15 min candle closed, I see some retracement and I wanted to see more retracement because it was not too bullish for dollar.
Then Mr. Bush starts talking about a budget deficit decrease and I didn't act quick and again SL hit.
After that it was obvious to me the trend was down and combining all the news it would be a good move, so I entered.
I was right about the direction and was getting some pips, I almost breakeven with previous losses, but my target was at about 50 pips.
After that the crash in NY......... market panic....dollar slipped... and again SL hit.
Then I just scalped a few pips to lessen the damage.
So, we had two news events. One we knew about and one nobody did.
I already had said I was not going to trade on news and that is what I should do!
Next time I HAVE TO close all my trades if a news event is coming, or not open any.
The other event is just not predictable and there is what SL's are for. Eventhough in this case if I didn't have an SL price would have came down again but that we can never know. What if it was in fact something bad?
I keep learning and keep making the same mistakes I should make.
I have to discipline better.
Pips To Level 10: 66
Accumulated Pips: 281
Days Since Level: 2
<!-- / message --><!-- controls --> Days since Start: 36