Wednesday, July 10, 2013
My Friend the Trend
Did a guerilla counter-trending as you can see on the above image. My step by step thoughts on how i did the trade.
1. Identified the trend to be a down one.
2. Notice a shift in momemtum, a retracement is coming.
3. Get in trade and TP level at purple circle with stop loss 40pips away.
As time passes by, my desired result is not achieved yet.. Major market is opening and realize the ball isnt in my court anymore. It is taking too long. Felt uneasy as im going against my friend the trend. I entered the trade while major markets are closed. Market was quiet. But now the market has awaken and so is my friend... I backstabbed my friend the trend while he is asleep!
I felt guilty and exit my position with a +5pips.
After which, i went on to sell the pair right after my signal appears. Retracement over, time to go back into the supposingly downtrend that i think it is.
Entry on that red arrow... exit circled in green. Around that area which i cant rmb exactly where. Just rmb i got a tidy +60pips.
I hug my friend again~~~~
All my plannings and thinkings and assumptions of the market may not be right. It maybe laughed upon by the experts. But at least i do what i know and plan what i know. Im trading with a plan.
It rrrrreaaaaaalllyyy feels good to plan a trade, carry it out... best of all, end up with a profit.
Trade to trade well.