Ranging market. My internet connections seems to be a problem for me these few nights, for some reason it juz kept getting disconnected and connected. i have to have my stop/loss and take-profit in place for these type of situations.
Session: New York, London Crossover
Duration: 75 minutes, 34 minutes.
Technical: Moving Averages.
Strategy: Ranging market. Short below 50 SMA line after candle. Average in second position.
First entry screen shot. Basically, price was against me 95% of the trade duration for this position. I adjusted my stop loss slightly, although it wasnt hit at all. bad risk:reward ratio, bad habit, simply trading for the chance.
Price was going my way. My second position (average in) has been closed. i wanted to close my first position once i hit profit because this trade is getting overtime. it has reached 70 minutes. juz as the price seems to be going down, my internet connection loss. i came back to see the above, price was 1 pip before my tp and went back up. i would have close it if i was connected.
very much pissed. basically 90% of the trade price was against me. all in my mind was whether my entry too soon, risk:reward ratio etc. and i was halfway thru' my blog post during trade and i was thinking whether to put the title "another why u shouldn't average loss" or "another pre-mature entry" or so on. psychological words running in ur head while u're in open position can be hell!
i keep it cool and let it run. price was about to retrace, but i told myself to let it run since i have already minimize my stop/loss. price spike down later and hit my take-profit (minimized too).