Gumping's Journal

This is a discussion on Gumping's Journal within the Trading Journals forums, part of the Reception category; Hi All Iíve been lurking around here and posting irrelevant rubbish for years now but I have contributed little if ...

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Old Jan 9, 2009, 12:10pm   #1
 
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Gumping's Journal

Hi All
Iíve been lurking around here and posting irrelevant rubbish for years now but I have contributed little if anything about trading. This is my attempt at trying to learn a bit more about this Ďgameí.
Iíve always had a full-time job and have been trading eod and longer term systems. However, I was recently made redundant and hence Iím looking to see if trading will pay the bills.
I have decided to look at quite a few different trading ideas to see if something works out for me. What Iím primarily going to talk about here is my attempts at trading EUR/USD on the shorter time frame of 1min.
Basically, Iím looking for a bit of discipline, and hoping that I can gain that by posting my trades Ė it might inspire me not to make wild punts. Although Iím net positive for most of the time Iíve been working at M1, my losses do tend to be somewhat large, albeit infrequent.
Since Iím still new to this day trading lark, Iím setting a rather modest target of 20 pips per day. Once Iíve got them that will be it for the day. I simply donít think I have the concentration span to do more at the moment but that could change.
Other point to note is that I am still learning and hence will NOT be posting live calls or any such. Calls are made after trades close, the idea being to document my thoughts.
Thanks for reading
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Old Jan 9, 2009, 12:42pm   #2
 
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best of luck, will follow with interest ......
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Old Jan 9, 2009, 12:49pm   #3
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Yup, best of luck from me too !!!

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Old Jan 9, 2009, 1:03pm   #4
 
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So today's trades:

The 5 min chart shows what I was looking at at the start of the day (Vertical red line for me). Price was running up to a key resistance level at 1.3690. When it hit that I looked for a short, but ended up chasing the market. Moving down onto the M1 chart, the two red lines show that trade: bottom line is the entry at 1.3673, top line is the exit at 1.3692.

Verdict: Got in too early - I sold at support and got stopped out. Should have let it confirm the downward move by dropping below the wick of the long candle a few minutes back - which incidentally found support at a pivot level. I should have heeded this level and looked for a break.

Moving up to the 2 blue lines for the second trade, the market carried on past my stop and blew out the resistance level at 1.3690. At this point, I let it move a little and jumped in at 1.3698 (lower blue line). Stop was placed just below the morning's short entry at around 1.3673. My exit (upper blue line) at 1.3726 was actually slightly bungled in that I was trying to set a trailing stop loss to lock in some pips, and forgot that I should increase it by a factor of 10 with this broker. So I set it to 2.5 pips and got stopped out for a decent profit. Verdict: Good entry, very lucky exit.

Following on from there, I tried to get back in because of my bungled exit, so I waited for the market to drop. I then drew fib lines for that upmove from 1.3670's and the 50% line came in at 1.3700. Hence I got back in Jacko style as we started rising from there, (Yellow lines). I entered around 1.3708, and watched the market range quite a few times and hence decided to exit at 1.3723 after the second failed attempt the previous high. Stop was just below the 61.8% fib. at 1.3695.

Those three trades got me net positive 25 pips for the day, so time to stop. I don't trade Friday afternoon anyway - too rangy. Plus I wanna be flat by the time NFP is announced.

Verdict: I'm clearly still learning the nuances of this platform, and am a bit excitable to enter trades. That bungled exit probably allowed me to bank more pips than I would have normally - although I probably would have exited at 1.3723 after the third attempt at the highs anyway. It also allowed me to get back in the market for that extra 15 pips owing to the fact that I was p1$$ed off at b*ggering up my exit.

So a hasty short entry that lost me pips and deserved a smack on the wrist. However, I could not have gone long from there because we were below key resistance. But then I shorted into support.....
A lucky exit that bagged me some pips and allowed me a re-entry for a quick extra 15 I think the Fib re-entry was probably my best trade - decent R:R since the stop was only about 10 pips below and I should have expected the price to re-test the high.
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Old Jan 9, 2009, 1:04pm   #5
 
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Gumping started this thread Thanks guys!
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Old Jan 9, 2009, 1:35pm   #6
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How about try trading on the 15min interval range? Its less noisy and you get a better picture where the market stands after 15min. Just a suggestion.
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Old Jan 9, 2009, 1:47pm   #7
 
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Quote:
Originally Posted by sw0rdfish View Post
How about try trading on the 15min interval range? Its less noisy and you get a better picture where the market stands after 15min. Just a suggestion.
Thanks man. It's worth a look. The idea behind trading M1 is that I can get my target hit within a few hours and move on with other things. It also tells me whether I'm moving in the right direction, since I can collect data more quickly.
As my journal says, I'm working on several trading ideas. The rest are al on longer TF's. Maybe I'll talk about them from time to time but none of them have done as well as this one so far.
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Old Jan 9, 2009, 2:50pm   #8
 
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i like the "jacko style" re-entry,
i do it constantly but it amazes me how many people get stopped out once and forget the reasons they got into the trade in the first place and simply abandon it - Sod's Law means the trade will take off in the required direction, without the punter's money riding on it !
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Thanks! The following members like this post: candles
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