Finally giving it (another) go

Funny day today.
Ended up doing nothing for most of the day.
Missed two great trades on the dax, and another two on the Dow. Indecision and fear got the better of me.
No idea why, other than I've been doing well, so I'm starting assume losses are coming.
Pretty darn stupid really.
But hey, lost close to nothing, but can't help feeling that today should have been a good day, even better than Friday.
Will try and grow a set of balls overnight!
 
Forexmospherian said:
Morning ET

GU went back to scalp buy after 8 30 am and 5964 area

Trouble is needs over 82/3 to hold scalp buys on longer - otherwise a range of only say 15 -18 pips

Yes under 63 and 58 sells - but over 82 buys
Click to expand...

Hi ET

Please don't worry - yes you have hit it on the head - after a good spell you are expecting losses - but they might not happen for another 5 or 10 or 20 trades - with you having just the occasional ones in between

Here's a tip on GU today

Early on it was in sell mode and you identified it correctly - but then get stopped out

If you get stopped out - thinks 2 things - one it might go my way again - proved in this case with a LL - ( did not happen ) - or in this case - it turned and went up

So above 82 for me on GU was scalp buys - and so far we peaked at 6031/2

Try and remain unbias with your day view - For today the GU was a sell from Friday evening and Sunday night - but supports just stopped in and then when we break a minor R above - we then travel up nearly 50 pips so far

The so called line in the sand was all around 5780 - under there favoured lower - to the supports area - and then after the bounce it went above then price had broken an R and favoured higher - as what happened.

Hope that makes sense - that will also allow you to look for more than just a few trades a day - but walk before you run

One step at a time and good luck to you this week

Any help on GU - just post or pop on other live thread etc - and hopefully can oblige

Good Trading

Regards


F
 
Thanks F,
Today was a weird day. For some reason I was just afraid to pull the trigger.
That in itself is a double edged sword though. At least I didn't end up trying to chase missed signals.
Here's hoping I feel better and more confident tomorrow!
 
Edinburgh Trader said:
Was the break above 1.61 on gu a false break?
Click to expand...

6065 - 75 is both dynamic and static / horizontal support area

As long as we stay above here - be able to scalp buy again for higher

Dont forget Pound RED news at 9 30 am

For me under 14 was a sell and above 65/75 area is then more scalp buys

GL - out - not at desk until after 8 30 am

Regards


F
 
Have to say, although we had a nice rally yesterday, I'm still favouring the downside. Think I will stand aside until it becomes clearer to me
 
My problem is that I just don't see any strength driving the move up.
Now, price will do what price does, and therefore that's what I should trade. But I'm not confident to buy the rally, and I'm too scared to short it!
 
Edinburgh Trader said:
My problem is that I just don't see any strength driving the move up.
Now, price will do what price does, and therefore that's what I should trade. But I'm not confident to buy the rally, and I'm too scared to short it!
Click to expand...

Short, with a tight stop.
Will look to move stop down quickly
 

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Stop moved a little bit, to lock in a small profit. Just enough to cover yesterday's loss. No reason other than it will make me feel better knowing the worst that can now happen is I end this trade breakeven for the week.
Will just leave this now in the hope of a move south.
 
Edinburgh Trader said:
Stop moved a little bit, to lock in a small profit. Just enough to cover yesterday's loss. No reason other than it will make me feel better knowing the worst that can now happen is I end this trade breakeven for the week.
Will just leave this now in the hope of a move south.
Click to expand...

Lock in some profit

News in 5 mins

Could be a set up

I would need under 6050 and 40 to take more sells now

GL

Regards


F
 
Stopped out with just over 1:3

Probably worth explaining briefly hoe I'm managing my account.
I risk a set amount per trade, 3%.
My goal is to make 1 X risk per day. My hope is a sucess rate of 50% with the odd winner making more than 1:1.
Letting winners run has helped boost my balance hugely.
On Friday, two trades, both.1:6, made 36%.
I accept 3% is on the high side, and I'll look to decrease this as my account grows.
Although I'd like to make more trades, I'm really happy and comfortable with the way things are working at the minute.
When I start losing I'll revisit the plan!
 
That's the way to do it

Edinburgh Trader said:
Stopped out with just over 1:3

Probably worth explaining briefly hoe I'm managing my account.
I risk a set amount per trade, 3%.
My goal is to make 1 X risk per day. My hope is a sucess rate of 50% with the odd winner making more than 1:1.
Letting winners run has helped boost my balance hugely.
On Friday, two trades, both.1:6, made 36%.
I accept 3% is on the high side, and I'll look to decrease this as my account grows.
Although I'd like to make more trades, I'm really happy and comfortable with the way things are working at the minute.
When I start losing I'll revisit the plan!
Click to expand...

Be picky and patient - well done thus far.

Bit more winter reading for you:
http://www.forexfactory.com/showthread.php?t=345838

Like all reading take the bits that interest you and construct an approach you are comfortable with.
Good luck
 
Thanks Neil, will take a look.
Not seen too much to go at this afternoon.
I think what happens is once I've made my target for the day I tend to get too picky.
3 X times risk today, and for the week.
Having a couple of hours away from the screens now.
 
Had the most stressful trading day ever yesterday.
I tried scalping for the first time.
Turn the risk down to 0.5% and made 3% in total.
Learned a lot. Most importantly...... I'm not ready to scalp!
 
Edinburgh Trader said:
Had the most stressful trading day ever yesterday.
I tried scalping for the first time.
Turn the risk down to 0.5% and made 3% in total.
Learned a lot. Most importantly...... I'm not ready to scalp!
Click to expand...

better to leave that :devilish:rap and sit back and relax or do you want to visit Stafford :?:
 
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