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thalestrader

Reading Charts in Real Time

By thalestrader, in General Trading

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Cory2679    11

Cory2679
Posted (edited)

Potential GU short...

 

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

5aa7108d40111_GBPUSD(15Min)7_11_2011.jpg.b13bfda5a3b8045053683e20a3ff15c5.jpg

5aa7108d54205_GBPUSD(15Min)7_11_20112.jpg.674eb59a0d4fcddcb5d8db84b535bd7f.jpg

Edited by Cory2679

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Cory2679    11

Cory2679
Posted
Potential GU short...

 

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

 

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.

5aa7108d57a47_GBPUSD(15Min)7_11_2011.jpg.7e3b9029e61ed9f8c5a99c5b37e25c5c.jpg

5aa7108d5ba2a_GBPUSD(15Min)7_11_20112.jpg.ea713e4c1ad94a569c7a3e866f925932.jpg

5aa7108d602a9_GBPUSD(15Min)7_11_20113.jpg.4299bac3ccf10c43d304c89c01659f49.jpg

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Cory2679    11

Cory2679
Posted
Potential GU short...

 

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

 

FINAL UPDATE: It figures the selling party's over the minute I walk in the door!

 

I posted a little prematurely...I neglected to wait for the loss chime before I made my post...it was a couple ticks from my stop and I wrote it off as a loss. It actually just barely missed it and I'm still in it...I'm heading out for the day but will be keeping an eye on it in case I have to move my stop to break-even. Otherwise, per the current rules, the trade will run without any active management...

5aa7108d63c0b_GBPUSD(15Min)7_11_2011.jpg.4c994ad655ecbd74d64fae44b958b519.jpg

5aa7108d66da8_GBPUSD(15Min)7_11_20112.jpg.5643abf18d7035bcec31d1cf57117c54.jpg

5aa7108d6a488_GBPUSD(15Min)7_11_20113.jpg.16875a9cd5b8a04f8705e6f94ce0e4cc.jpg

5aa7108d6d3fc_GBPUSD(15Min)7_11_20114.jpg.bebc856d3aac2dbd9332921d1f622ce9.jpg

stillinit.thumb.JPG.c6eb5d54fdcfb2e8def3ed65015222e3.JPG

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Cory2679    11

Cory2679
Posted
I posted a little prematurely...I neglected to wait for the loss chime before I made my post...it was a couple ticks from my stop and I wrote it off as a loss. It actually just barely missed it and I'm still in it...I'm heading out for the day but will be keeping an eye on it in case I have to move my stop to break-even. Otherwise, per the current rules, the trade will run without any active management...

 

FINAL UPDATE: First half profit, second half break-even. 14 more minutes and I would have been in that trade 24 hours! Take-aways coming soon...

5aa7108daff0b_GBPUSD(15Min)7_12_2011.jpg.e6b8940c9508ba812e38f0ab3cfcedf1.jpg

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joshdance    10

joshdance
Posted
FINAL UPDATE: First half profit, second half break-even. 14 more minutes and I would have been in that trade 24 hours! Take-aways coming soon...

 

Way to hang in there on this one Cory!

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Cory2679    11

Cory2679
Posted (edited)
Take-aways coming soon...

 

Well, in the end, it turned out to be an all right trade, although it would have been better on the EU.

 

I was so quick to write it off as a mistake when it looked like it was going against me, but it turns out the logic worked out. It's just hard at this point to distinguish between mistakes and trades worth taking that are losers. If I have a losing trade, I can always come up with a reason why I shouldn't have been in it, with the benefit of hindsight.

 

Even though the trade worked out, I still think my hypothetical stop-move was reasonable. I would have taken a small loss on it and had a re-entry opportunity at Tokyo if I was trading then. The trade came within a few ticks of stopping me out for a full 1R loss...any stop move would have taken me out...and the lesson here is not to never, ever move my stop from now on so I don't miss ones like this...because when I'm trading well, I regularly cut losses down to <0.5R...sometimes close to break-even...if I took a full 1R loss on every losing trade, it wouldn't be pretty. But I guess that's what we're putting to the test with the current stop-management exercise!

Edited by Cory2679

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Cory2679    11

Cory2679
Posted
Currently short the EU...aware and a little weary of the potential areas of support indicated by my steel-blue lines, but still feel it worth a shot...

 

Maybe I should have simply respected potential support and avoided the trade.

 

As long as I did take it, this would have been a good candidate for aggresive stop management (because I was basically trading against the immediate trend, into what could be potential support nearby)...either to where my dashed red line is drawn or even to break-even once price made a marginally lower low after retracing to just above the entry...

5aa7108e49f4e_EURUSD(15Min)7_13_20112.jpg.215b9fcc962efc78785de2852388223b.jpg

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Cory2679    11

Cory2679
Posted

Could have been a decent long off of support...support that I had already acknowledged and drawn...I was just so focused on letting the trades run so I didn't reverse, but I think I may allow an exception to letting all the trades run...if there's a legitimate stop-and-reverse, I'll allow myself to do that. That's far from micromanaging a stop, anyhow.

5aa7108e4f108_EURUSD(15Min)7_13_20113.jpg.c8ab68626e07bbf2684e89e80a90109e.jpg

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