I took a 1R loss on this Daily BUOB trade from 4/27/2011. I did notice the bar highs to the left, but I beleived the strength of the size of this bar would power through up to 137.60. The bar highs to the left proved to be too powerful.
I set my stop loss below the 135 level at 134.7 and was stopped out tonight.
I have not taken a trade in a long while. Quiet summer time combined with me stepping back and learning more about trading set-ups, about myself, how disciplined can I be to get up at 2:45 AM and catch the markets, how serious can I take this, on and on. I am getting closer, for the first time I believe I can do this.
I took a loss today, here is the explanation and the trade...
I took a long trade due to a BUOB breaking through a nice triangle on the EURCAD. The trade itself was fine, and in the end it might go right where I expected, though not with enough momentum for me to consider it a trade I would have made much money at even if I did manage it correctly.
And I did not manage it correctly. I rushed the trade too much, noticing the BUOB pretty late. Thus instead of putting in my order to get to break even around the obvious FTA of the round number 1.43, I went for break and set my TP at 1.4355. Dumb, dumb, dumb.
Add to it, I went down to the one hour and saw a nice S/R line at 1.4250. This is an area I could have played a nice retrace trade off of and got back to break even. Or I could have set my SL right below around 1.4235. Instead I used a stop of 1.4215 and manually closed my trade at 1.4225.
I managed this trade very badly, and it all came from wishful thinking (greed) and not being prepared enough. Lessons learned.
