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

Friday, March 19, 2010

19 Mar, Eur/Usd - Upsize & Take-Away Please

This evening I took the bus home after knocking off. I arrived at the bus stop, which was pretty crowded. Unlike the majority of the commuters looking out for the bus while awaiting, i was pretty engrossed with in my cellphone, or rather in my own thoughts. Less than 5 minutes later, i saw almost everyone gushing forward towards the roadside where the bus stops (very typical scene in singapore). I followed.
Without understanding the key fundamentals, i simply jump into trades when price is breaking a single direction or a trend forming, realising it was only a false breakout.

I turned to the junction where usually the bus turns in, there was indeed a bus coming, but when the green light came, the bus turned the opposite direction and went away.
Such a common false signal we face in our everyday trading life, falling victim by jumping in mindlessly, at least for me.

Given that if this was trading, had i really made a bad move? Here is what happen next, while much of the crowds moving away by going back to their original positions in disappointment, i remained at where i was. Following right behind the fake (real) bus, it was our desired bus turning in. I was in much better position.
Trade may go against you right after you entered, but generally the overall trend might still be of your favour, so stick to your system.

I have no conclusion. Sometimes i get caught in false signal, sometimes it can be simply noise. then again. who knows.

Session: London.
Duration: 2 hours.
Timeframe: 15M.
Technical: Momentum.
Fundamental: Nil.
Strategy: Day-low. Long on (or rather for) retracement. No of average-ins.

As usual, my first position never went more than +2 most of the time. Taking higher size lately. It was hanging at the 0.0 fibo and i was waiting for a breakout of a new day low. finally, i decided to give up and closed my last position at profit, juz merely four seconds later price breakout into another new low. missed ten pips just like that.

i could have just stayed there for a few seconds more man. i can do that in the bus stop but i can't do that in the chart. when can i ever let my profit run?? price is still moving down.

+25 pips.

If only...

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