long GBP/USD @ 0145 (buy stop), initial stop 0108
Added @ 0177
Added @ 0177
Stock Market Wizard Lessons 7 replies
Dislikedlong GBP/USD @ 0145 (buy stop), initial stop 0108
Added @ 0177Ignored
DislikedThese are the setups I am searching for, rather than the obvious entries that look so certain - with everything lining up for a "perfect" looking entry.
I may be wrong but this is my thinking.
DislikedI think you have a good point there. From my experience, the perfect looking setups are obvious to many traders and attract attention from many bears and bulls. Quite often there is a messy fight which takes out most of the tightly placed stops in both dirrections before the big move gets underway. I have the most success when I take profit from the middle portion of major moves rather than trying to hit the tops and bottoms.
I hope you don't mind me putting in my two cents here and there because it helps me to remind myself of things I need to be aware of too.Ignored
DislikedWiz you know how I feel about you and really glad to see you marching forward(and am enjoying your outlook) and I certainly am enjoying you starting this journal
Best of luck
DislikedThat third trade was a bit dissapointing as it was up +6R at one stage and I considered closing it.
DislikedHad you set a specific Take Profit area, and if so how do you arrive at it?
Now I know some would suggest the old 'take partial profit' gambit but I'm not a fan of that.
You say you had a +6R profit opportunity at one time, and I'm interested to know why you didn't take it. If you had set a theoretical +7R target, and decided to hold on for the little bit of extra, maybe this is an area you need to focus on. If you're that close to where you thought price might get, then you see some resistance building why not take the money and wait for the market to show you where you can re-enter, if the move continues.
The realised profit on that one trade would have offset some of the losses. I'm not saying bail out JUST 'cos it's in profit, but analyse the reason why it stalled, and, more importantly, why you held on long enough to give nearly half your profit away.
Not criticising, you know me better than that, just trying to understand the thinking behind your decision.Ignored