Cory2679

FINAL UPDATE: It figures the selling party's over the minute I walk in the door! It would have been better to take the trade on the EUR/USD (although still not that great)...I was just feeling that the EU had fallen so much already that maybe the GU had more room to fall, basically. However, maybe I should have focused on selling the EU since it was/is the weaker of the two, plain and simple. Probably should have avoided the trade altogether since I was indeed so late to the party. I feel like I missed out on so much today with that big move down...which is probably why I ended up taking this short at the bottom of the move. I'd been watching the market fall since 5:30am EST and wasn't going to sit on the sidelines anymore...probably a bit more emotional than technical. It's frustrating because if I didn't take this last trade, I wouldn't have had any trades all day...I feel like I've missed out on so much...but the worst thing is that if I had this day again, I don't know how I'd even do it any differently. I just didn't/don't see any great entry opportunities during my trading hours. I know I don't have to have a trade every day, but I feel that it's probably a rare day that I have any excuse not to unless I'm missing out. I read a post of Thales's yesterday reviewing his and his daughter's trades over about 3 days and they had 19 trades (12 wins, 7 losses/breakevens). That's half a dozen trades a day...almost 65% wins. I'm doing something very wrong...even when I'm on a good streak, my trades don't resemble those numbers at all. They were trading the first part of Tokyo in addition to the hours I'm currently trading, but still... And I know it's probably not the best thing to compare myself to others...I need to just worry about myself and my trading and how I'm improving, etc. However, it's nearly impossible not to compare and to use numbers like that as something of a benchmark.

Potential GU short... UPDATE: If I was currently allowing myself to actively manage trades, I would have moved my stop down...

In my experience, avoiding trades ahead of all signficant news events would mean all too often missing out on the main intraday swing. In my limited experience, I've found everyday news not to be a concern...even helpful to keep the market swinging nicely...for the most part, the super crazy volatility occurs only with NFP and FOMC (with exceptions, of course). The other news is manageable, IMHO.

USD/JPY finding at least temporary support at the trendline I'd drawn...

Indeed! I got slipped so bad on that exit that I took just short of a 2R loss on that trade!! All right...lesson learned...new rigid rule...don't take trades ahead of NFP (and probably FOMC, too). If I'm already well into a trade that has room, etc., I can leave it on if I choose.

UPDATE: LOL...wow...can't help but laugh a little at that...this downmove occurred in about 5 seconds with the NFP report... I was a little hesistant about going long so far along in an uptrend (thought I might have been a little late to the party), but I thought a long at a breakout might be an indication of higher highs to come. Perhaps the lesson here is to simply not get in a position right ahead of NFP! It can get a bit like flipping a coin... I'm a little concerned that I may be trading a little differently than I would be with a live account...willing to take trades I might not take with a live account...especially the trade the other day where I outright said I probably wouldn't take it if I were live. I need to be careful about that...

Potential UJ long...

UPDATE: Break-even. I got a decent move and a promising start, but it died and finally reversed. There was definitely an opportunity for taking some profit had I been actively managing my stop. This has been an interesting exercise so far...watching my trades mature on their own. I know the small 0.5R winner I had early this week I would have cut for break-even or even a small loss had I been actively managing. However, here, I would have locked in some profits. I've got to learn when to cut them/move my stop and when to let them run/give them room, which is probably more art than science...and I'll never be perfect. Hopefully this exercise will do some good. It feels so passive, though. I'm watching them mature but I keep telling myself that I need to be actively learning from what I'm seeing, how is it changing how I'll manage my stops in the future, etc. I'm trying but I'm not sure I have the answers yet...I'm just starting, after all. I may end up doing this exercise 5-6 weeks, who knows. It seems to take me longer to get these things than it would someone else.

Potential EU long...

FINAL UPDATE: Break-even. Got a decent move but didn't quite fill PT1 before price bounced and took me out for break-even.

Shouldawouldacoulda UJ long...

UPDATE: Short filled...

Current look at the EU...

UPDATE: Never took off...

I'm going to do something I admittedly probably wouldn't do if I wasn't demo trading right now...haha...not because it's against my rules or anything, but I'd probably be too afraid... I have to leave my house now but I'm going to leave this order in...I'll be back in about 5 hours...we'll see what happens...it could very well fall to new lows and never trigger... NOTE: I'll obviously have to be here to move my stop to BE if it hits the threshold, so I'm just taking the risk of taking a loss on what could have been a break-even trade if it happens while I'm gone...

UPDATE: Never broke the blue line so no entry...it's getting late and I'd expect it just to die off until maybe Tokyo...

Currently have my eye on the EU...

Same deal with this shouldawouldacoulda GU short...

Shouldawouldacoulda UJ short...not even really sure how I even missed it except that it was a rather small degree 123 and I've been focused on larger degree (not deliberately). The 123 was crisp and clear, though. Oh well.

Thinking about the take-aways from that losing could-have-been trade... I was kicking myself for not taking it at first...but then after what happened, I'm thinking maybe there's a real reason I didn't take it in real-time. First, it was hardly a sharp, clear 123. I think I've read somewhere on here that a good trade should pretty much jump off the chart screaming and waving...it shouldn't be something I have to squint my eyes and use my imagination for...this trade was hardly jumping off the page. Yes, I was watching for a long opportunity at that level of anticipated support...except a good one didn't present itself....it was only after seeing price shoot up a little that I saw it and thought, oh! there it was! I missed it! Price had recently been rejected by overhead resistance, but I thought if a good long opportunity presented itself at anticipated support, it'd be worth a shot...even if it didn't end up breaking the high, there was plenty of room to take profits. Incidentally, had I not gotten to break-even, that sharp downmove would have taken me to PT2 on today's trade on the EJ...although all that movement inbetween would have surely shaken me out had I been actively managing it...it could have been worth a re-entry at some point, though...

Shouldawouldacoulda EU long...I'd had that level of support marked since this morning anticipating a long opportunity, but being later in the day I think I'd somewhat tuned out and written off the chance for another trade today. Oh well...we can still watch and see what happens... UPDATE: Wow...would have been a quick loss...

UPDATE: Profit for the first half, break-even for the second...

Potential EJ short...

Just wanted to drop a line to make clear that I haven't dropped off the map despite not posting any trades for a few days...I've been merely taking a little time to do some work (ie developing a new morning checklist, reviewing the thread, reviewing charts and practicing writing down what I see, etc.). I'm going to start my "four weeks" next week...I promise I'll be back full force next week trading consistently and posting every single trade...although it may not be until Tuesday due to the US holiday Monday... EDIT: Hey, whaddya know...this my 1,000th post! I'm a "Master Trader" now! (hahaha)

You know, I think this could also be a good first step in my morning trading routine...before I even think about placing a bet...for each of my charts, write up my observations and attempt to answer some or all of the questions posed in the above quote. Too often I find myself narrowly focused on the last few bars looking for a "123," and once I find one, then looking for contextual justification to take the trade...