aazishhunain,
glad to be of help when possible. unfortunately, that first trade example hit my stop loss before dropping as expected. see below:
on this GU trade, notice how the candles were sideways, and between my two moving averages at the time when i took the trade? this is not ideal, and i shouldn't have taken it, but i had recently won several GU shorts in a row and perhaps was overly cocky.
here's my next live trade idea:
my thoughts on this one are that the trend is rising, so i am going long...the two previous candles were inside day candles, to me a signal that there may be a breakout coming, and the current candle is showing bullish signs (though it is safer to let the day's candle close before making the final call)...
this trade won't trigger unless it drops down to my entry price and the trade opens. i'll check back in later with an update...
glad to be of help when possible. unfortunately, that first trade example hit my stop loss before dropping as expected. see below:
on this GU trade, notice how the candles were sideways, and between my two moving averages at the time when i took the trade? this is not ideal, and i shouldn't have taken it, but i had recently won several GU shorts in a row and perhaps was overly cocky.
here's my next live trade idea:
my thoughts on this one are that the trend is rising, so i am going long...the two previous candles were inside day candles, to me a signal that there may be a breakout coming, and the current candle is showing bullish signs (though it is safer to let the day's candle close before making the final call)...
this trade won't trigger unless it drops down to my entry price and the trade opens. i'll check back in later with an update...
I wasn't sure that this trade was going to drop down to my predesignated entry price, in fact I briefly considered opening the trade manually if it broke the high of the inside day candle and treating it as a break-out entry. But instead I did nothing, and price did drop back down and got me in to the trade at a much better price with a lower risk (smaller stop loss).
So, this is one of those where you swallow your pride and admit you screwed up...
I placed this first trade on December 3rd (previous post). First of all, although the candle signal was at a swing point, it wasn't a "great" one. If I had zoomed out and looked at the broader structural view, I am sure I would have decided to wait and not enter when I did. As it is though, I did enter the trade, mistake #1. Mistake #2, I forgot to set my stop loss. I ALWAYS use a stop loss. 100% of the time. Unless I forget, which rarely happens. So this is how that played out:
These are the only two trades I took over the past month. I was stressed to have my account down by nearly 10% due to my stupid mistake, and I never trade much around the holidays anyway...so, even though it worked out in the end and I ended up winning both trades and now my account is up over 10% - it wasn't worth the heartache!
I placed this first trade on December 3rd (previous post). First of all, although the candle signal was at a swing point, it wasn't a "great" one. If I had zoomed out and looked at the broader structural view, I am sure I would have decided to wait and not enter when I did. As it is though, I did enter the trade, mistake #1. Mistake #2, I forgot to set my stop loss. I ALWAYS use a stop loss. 100% of the time. Unless I forget, which rarely happens. So this is how that played out:
These are the only two trades I took over the past month. I was stressed to have my account down by nearly 10% due to my stupid mistake, and I never trade much around the holidays anyway...so, even though it worked out in the end and I ended up winning both trades and now my account is up over 10% - it wasn't worth the heartache!
