"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Friday, January 22, 2010

22 Jan, Eur/Usd - Short & Sweet plus Noob Trading Mistake

Browsing my usual currency pairs and there are slight bear for the dollar today. No news release tonight. Here are my trade datas for tonight.

Session: New York, London Crossover.
Duration: 1 hour, 30 mins. (2 positions)
Timeframe: 15M.
Technical: Moving Average, Head & Shoulder, Fibonacci.
Fundamental: Nil.
Strategy: Candle closes below 20 SMA, second shoulder formed confirming bearish signal, price was well resisted at 23.6% (entry) and supported at 50.0%, exited in between at 38.2% fibo.

I took a second position after two more 15M candlestick closes confirm the resistance at 23.6% (average win position). 20 sma line has been working well for me this week. Head & Shoulder, second shoulder formed and price made a spike down after i came out of the bathroom. I was quite confident of the trade tonight due to the signals given, if price still went against me, i do understand that i have tried my best. Chart above is the nice chart. Describing my noob mistake in the second screen shot below.

My first position closed neatly at 38.2% fibonacci take-profit, with second average-in position still charging towards the next level. Check out the double zeros line at 1.4100 above. My second position t-p was exactly 1.4100. Price neatly hit 1.4100 and made a rebound back to 23.6% fibo. But, my t-p didnt hit. why? 2-pips spread difference in the price was not taken in consideration. in another words, my short position was actually at 1.4102 - when the price was showing 1.4100. that was due to the 2-pips spread for Eur/Usd (FXDD fixed spread on the pair). it wasnt the first time it happen to me, Bottle had experience on this incident. i wrote it down now becuz i dont want it to happen again to me or to you, and buy / sell price mistake actually costs me 13 pips :( maybe none of you had come across this noob mistake but it is something i think i have to take seriously.

+33 tonight.

Overall, i'm satisfied with the trades this week. Weekly profit hit. I hope next week don't end like the last. Happy trading, and enjoy the weekend everybody! :)


Leo said...

Happens all the time. Can be costly if you're a scalper and you walk away with trades on.

Black said...

Yes Leo, i was fortunate enough to close the position as soon as possible before it turns into a loser.

Thanks for dropping by bro!

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