Cut your Losers short and let your Winners run.
- #602
- Jul 30, 2013 7:42am Jul 30, 2013 7:42am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
EU +20 pip scalp. Nice straight forward 123 off Support, a quick 10 min scalp, just how I like them. My initial TP was a measured move using the Expansion tool, but when divergence formed at the BRN on the 1hr and 15min I took my pips. {image}
I don't know why I feel stupid today, whenever I wake up early I loose patience during the day .
I took the first long today before london open and it was a nice 123 straight and forward and I was happy with those 14 pips, then I noticed that it's a continuation and I took another long, now here is what I think my problem is that I loos patience when I see there is a drawback......well I closed the trade with -12 pip so I got 2 pips for today.
I think I need to work more on discipline and trading psychology.......and stop waking up early !
- #604
- Jul 30, 2013 8:11am Jul 30, 2013 8:11am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
{quote} I don't know why I feel stupid today, whenever I wake up early I loose patience during the day . I took the first long today before london open and it was a nice 123 straight and forward and I was happy with those 14 pips, then I noticed that it's a continuation and I took another long, now here is what I think my problem is that I loos patience when I see there is a drawback......well I closed the trade with -12 pip so I got 2 pips for today. I think I need to work more on discipline and trading psychology.......and stop waking up early...
You know better than that.
Cut your Losers short and let your Winners run.
- #605
- Jul 30, 2013 9:21am Jul 30, 2013 9:21am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
{quote} You need a kick up the a _ _ e. You went long when your TDI was OB and out side the bands, your stochastic was OB and starting to slope down. If you had zoomed out you would have seen that Price was at a congestion level and was likely to stall. Being impatient is one thing, being irrational is another
Yah I know , I deserve it, I'm not sure exactly but I can tell you that at the time when I took the first trade TDI was in band and everything looked fine ,but I thought of more like price action as the price bounced off from a support and it was a 123, so I thought it was good to try it,
I admit that the second trade was a mistake and I should look into the big picture and obsessively TDI, first
- #611
- Jul 31, 2013 9:22am Jul 31, 2013 9:22am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Hey Dee, I bet that you took this one, right ?{image}
Cut your Losers short and let your Winners run.
- #613
- Jul 31, 2013 9:32am Jul 31, 2013 9:32am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
- #614
- Jul 31, 2013 10:50am Jul 31, 2013 10:50am
EU +45. 123 +News entry. I got back in time for this one. 123 off former resistance after a Double Top with Divergence on the 4hr and 1hr charts, had I been here I would definitely have taken that trade, but, took an early entry following the news ADP and GDP. TP was confluence of 1hr 200 EMA and 61.8% Fibo this was also a minor S&R but I did not mark it up. Hope you all took a bite at these trades as they were perfect set ups. {image}
Dee .... you are never out of tricks.....
- #616
- Aug 1, 2013 6:53am Aug 1, 2013 6:53am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
- #618
- Aug 2, 2013 5:38am Aug 2, 2013 5:38am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
Cut your Losers short and let your Winners run.
- #619
- Aug 2, 2013 5:56am Aug 2, 2013 5:56am
- Joined Jul 2010 | Status: Retired | 3,621 Posts
yesterday I tried 2 trades, what an idiot I was. 
Price had been in a 30 pip range, so what did I do? I went for a 40 pip target, as you can see I broke even twice for 2 pips each. The only redeeming feature of those 2 trades was that I moved my SL to B/E after 10 pips. BUT, I should have known better, I should only have gone for 20 pips each trade especially the second trade as resistance was quite obviously the 200 EMA and the trade was counter trend. The first trade target should have been the BRN 1.3200. Lack of concentration on my part cost me 40 pips. 
Will I do it again? Probably, I am only human.
Price had been in a 30 pip range, so what did I do? I went for a 40 pip target, as you can see I broke even twice for 2 pips each. The only redeeming feature of those 2 trades was that I moved my SL to B/E after 10 pips. BUT, I should have known better, I should only have gone for 20 pips each trade especially the second trade as resistance was quite obviously the 200 EMA and the trade was counter trend. The first trade target should have been the BRN 1.3200. Lack of concentration on my part cost me 40 pips. Will I do it again? Probably, I am only human.
Cut your Losers short and let your Winners run.
Avoiding NFP today? Why? Here is a link to a simple "how to trade the NFP" http://www.forexpeacearmy.com/forex-...-2-2013-a.html
Do you really trade the news this way........cheeez at this point whenever I see news I still remove my fingers from the mouse
...I'll give a try today and see how it goes , would the price get slipped during these times or do you used pending orders to avoid that ?