GJ and GU both closed at the high of the day after a higher than normal range compared to the last 10 days, often when this happens price bleeds back during the Asia period. I will not be trading it. I was expecting a reversal yesterday, and did not trade it, several reasons, the reversal came earlier than I expected, I had exhausted emotional capital on the GJ short, the reversal came I observed it when I was having my evening meal I failed to take it, I don't chase price and stayed out and wrongly concluded a reversal in the form of a continuation would come this wrong conclusion cost $1300.00 of course looking at it now 4 down days in a row does not happen often and I was trying to trade a 5th? oh dear!
Screwed up with second GJ entry GU was good, am still multi tasking and have in mind Larry Williams saying big days beget small days and small days beget big days and wondering if we are going to make a significant move...any way as you see a screw up, closed with the thought in mind don't lose what you have got and still looking after my Patient....for the want of 3 minutes there is another $600.00 and the rest in it...will look at things seriously later on...but not unhappy with the bird in hand.
Oh Mercy, went to sleep with a pending order on within range that I had forgotten about, very sloppy.
And my quote from Larry Williams big days beget small days etc did not apply for todays trading I thought maybe it would...
For what its worth I have pending orders floating around with a stop of 20 and TP of 50 out of range so that they can be pulled in play quickly.....what could possibly go wrong?
Tried to recover the $1700.00 loss by trading the high of the day bleed back in Asia took trade late yesterday chart time and had to pay roll over $15.00 odd and take stop of during the change of day as the spread goes bananas any way nearly got stopped out as the 50 line was tested its now moving in the right direction I have a BE stop on it, to early I suspect... the GU retraced better than the GJ I expected GJ retrace to occur first and further as Japan is in the game ......Diamond or dust?
5 hours time BOE Official Bank Rate announcement, no change expected however preserve capital and avoid what can be an express train, I speak as a ex Alpari UK account holder and still have the emails from their receiver from when they went down the gurgler with the SNB announcement that they were no longer going to defend their relativity with the EURO..... having said that looking for a long entry GJ and possibly GU...
In to late ( Busy yacking on here) out to early...I didn't expect a reversal this early busy looking after my Patient and cooking tea, thought I was closing for $300.00 but it moved as I closed, did consider BE stop...
I was to tired and busy with other stuff to take GU and GJ longs last night, GU was the only one I considered tradable as it was bouncing of the 50 line. Before GBP news at 23 00 hrs local time I put a straddle trade on GU it was nicely 1/2 way between 50 and RN so continuation was placed either side I watched 23 00 hrs roll over and not much happened in the first few seconds so I cancelled pending orders and went to go to sleep only to see I had screwed up, but was just to tired, I have pending orders on GU and GJ anticipating up days for both of them during a quick analysis, I have not looked at the weekly range, is it an up week or down week? how far and in which way does it need to move to conform to the average....I have not looked.
In to early at 20 line, as it was just after the top of the hour where I expected a reversal...tight stop of 10 points as I was not as sure as I could have been, its been a week where opportunities have been let to go and its time to take on some risk and possible reward...
Back in at RN GJ and GU 20 point stop TP? 50 ish lets see...
The temptation is to move the stop below the other low..... I wont do it simply because I have not made enough money this week to start breaking big rules..
