Reading the james16 thread from the beginning, this quote really sums up trading:
"Remember what i said about not standing in the open with a shotgun, successful traders hide in the bushes with a rifle. A patient trader could wait for just these trades and be rich in a couple of years. You don't look for reasons to trade you look for reasons not to trade. By having that mindset you eventually reach a point that when you do pull the trigger the emotion is gone and you have confidence in what you are doing."
Source: http://www.forexfactory.com/attachme...1&d=1122064744
Thoughts:
No short entries taken on the Euro and Cable. The Cable started selling off in the Asian session, and didn't reach the retracement in the Europe hours that i was anticipating. Of course it did a classic 38.2% intraday retracement to the 1.6625 level before selling off, but hindsight is 20-20 and that occurred during the US session. The Euro too sold off early, though it did retrace up and is currently near the day high, helped by the S&P which opened down, but closed the gap-down.
Trades:
15-Sept USDCAD
Long 1.0830 (stoploss 1.0805) closed 1.08391.
Risk 1.16%, Gain 0.42%
Reason: Classic bounce off the intraday 38.2% retracement.
Trade went about 34 pips up quickly, before it was sold-down slowly. As i didn't want to let a winner turn into a loser, position was closed manually.
Note: Something i didn't mention earlier - i've started trading eMini S&Ps. My routine starts by drawing key support and resistance levels from the previous day, and as the opening evolves, will add minor S/R levels. At the moment i'm observing order book and watching price react to S/R levels. At some stage, i hope to be spot trend evolve and take more points.
Last week, ESU9
short 1036.25, close 1035.5 (+0.75)
short 1045.5, close 1047.25 (-1.75) (this was a trade that hit my market stop to the tick, before reversing for over +6 gain. nevertheless, entry was a bit premature. reminder to self: enter only at support and resistance!
14-Sept, ESZ9
short 1033, close 1031.75 (+1.25)
short 1034.25, close 1034.75 (-0.5)
short 1034.5, close 1033.25 (+1.25)
short 1037.75, close 1037.25 (+0.5) (this was during the lunch hour, when price was drifting sideways. watched the book order move and waited for price to move up a few ticks, protected by the 1038 resistance, before taking a scalp short)
short 1039.25, close 1039 (+0.25) (tricky tug-o-war between demand and supply. once i saw there was no sharp bounce off the resistance, decided to close position)
"Remember what i said about not standing in the open with a shotgun, successful traders hide in the bushes with a rifle. A patient trader could wait for just these trades and be rich in a couple of years. You don't look for reasons to trade you look for reasons not to trade. By having that mindset you eventually reach a point that when you do pull the trigger the emotion is gone and you have confidence in what you are doing."
Source: http://www.forexfactory.com/attachme...1&d=1122064744
Thoughts:
No short entries taken on the Euro and Cable. The Cable started selling off in the Asian session, and didn't reach the retracement in the Europe hours that i was anticipating. Of course it did a classic 38.2% intraday retracement to the 1.6625 level before selling off, but hindsight is 20-20 and that occurred during the US session. The Euro too sold off early, though it did retrace up and is currently near the day high, helped by the S&P which opened down, but closed the gap-down.
Trades:
15-Sept USDCAD
Long 1.0830 (stoploss 1.0805) closed 1.08391.
Risk 1.16%, Gain 0.42%
Reason: Classic bounce off the intraday 38.2% retracement.
Trade went about 34 pips up quickly, before it was sold-down slowly. As i didn't want to let a winner turn into a loser, position was closed manually.
Note: Something i didn't mention earlier - i've started trading eMini S&Ps. My routine starts by drawing key support and resistance levels from the previous day, and as the opening evolves, will add minor S/R levels. At the moment i'm observing order book and watching price react to S/R levels. At some stage, i hope to be spot trend evolve and take more points.
Last week, ESU9
short 1036.25, close 1035.5 (+0.75)
short 1045.5, close 1047.25 (-1.75) (this was a trade that hit my market stop to the tick, before reversing for over +6 gain. nevertheless, entry was a bit premature. reminder to self: enter only at support and resistance!
14-Sept, ESZ9
short 1033, close 1031.75 (+1.25)
short 1034.25, close 1034.75 (-0.5)
short 1034.5, close 1033.25 (+1.25)
short 1037.75, close 1037.25 (+0.5) (this was during the lunch hour, when price was drifting sideways. watched the book order move and waited for price to move up a few ticks, protected by the 1038 resistance, before taking a scalp short)
short 1039.25, close 1039 (+0.25) (tricky tug-o-war between demand and supply. once i saw there was no sharp bounce off the resistance, decided to close position)