Tuesday, December 6, 2011
Love Price Action & PokerStars World Record Tourney
My first trade on this pair Eur/Gbp. Set-up today is basically an ALL-CABLE day. Nothing much about this pair, during Gbp/Usd rally up, Eur/Usd was holding strong too so Eur/Gbp didn't fall that much. That's why I took a profit at just +3 pips. Lucky enough as most of the time this trade was floating loss.
One mistake in the above trade is looking at my entry, I was supposed to short after candle closes. But I didn't, I short right before it closes and it went back up the white 50SMA line. Only at the start of New York session did it break through, but still not that strong.
Interesting trade for my Gbp/Usd. Again it was floating loss the whole Asia to London session until it hit take profit in New York session for +50 pips. One of the mistake here is I short when the candle still closes below the white 50 SMA line (the latest yellow line is today's trade). So the moment my order of long hit, it re-bounced back downwards.
Here is one reason why I believe in support and resistance in trading, though it doesn't happen 100% all the time. My past 3 Gbp/Usd trades has been exactly the same price entry - long at 1.5660, notice all 3 yellow lines, and my take profit level somewhat the same.
The first trade for this price was actually an aim to pull through the resistance, taking a ride around 50 pips. The second trade was actually buy-limit, because as you know, once a resistance has been broken, it will turn to a support (can read more on support and resistance here). And the third was like the first, though a little dangerously done due to the MA lines.
As for poker, currently bankroll is ranging and slightly down a bit. Not as spiral down as last week. I am currently playing only sit & gos STT & MTT and learning to be tight. I also played the PokerStars Guinness World Record tournament, yesterday morning at my country time 1:30am!! The record was that there are 200,000 players registered for the tournament. Top 12k got cash prize and first was $50,000. The buy-in was only $1.
I was done before the first break finishing around 170,000+ ranking lol. The game was like 20k tables happening at the same time and thousands of people were eliminated even 5 minutes into the game. I am beginning to enjoy the thrill of MTT. I tried the best I could to just shoved n fold play, but my 99 ran into KK and that was it. I thought I will have a tired night since it started at 1.30am but ended up I longed to be tired from it.
I am now playing maximum two tables and taking things slowly. After straight 6 days of losses and beats I think I need a break from poker soon. Except yesterday after the guinness tourney my cash games won one of the biggest pot I played - guy with KK limp, button raises with QK and I called with JJ. Flop came QJx. I checked, KK raises, QJ re-raises all in, I also re-raised all in as I had them covered. KK called, and turn came another J giving me the quads and WHAM! Felt like finally a sunlight after streaks of losses.
There must be something wrong with my play and I need to reflect and work on it.
Good luck for the week people!