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small stake audusd 1.0060, stop 10.
seems to be in a down chaqnnel so just testing the theory.
 
splashy said:
Psychologically, that has to be damaging....
Why not move your stop into profit at some point. Its a lot to give up...
Click to expand...
coz you have to let your profits run..or supposed to rather...

with hindsight I should've taken profits...perhaps the rest of the day wouldnt have turned out that way as, apart from oil trade, the other 2 trades were revenge trading as set ups were nowhere near ideal.

Flashys strategy of taking half the profits at 1:1 is a really good one but my problem is that when it does reach 1:1, I get greedy and think its going to catapult in my favour
 
Yesterday at one point I was up more than $13,000 in May. Today I lost more than $11,000 - all on eur/usd.

PS It's a demo $50,000 account - trading without stops there. On my real account I'm a bit down for May.
 
Last edited:
splashy said:
small stake audusd 1.0060, stop 10.
seems to be in a down chaqnnel so just testing the theory.
Click to expand...

Some things look good on paper but ....-10.
Small stake so no real harm done, had a good day. PA has bounced off the line twice since passing through it however. Might still be good for something tomorrow.
 
DDI said:
coz you have to let your profits run..or supposed to rather...

with hindsight I should've taken profits...perhaps the rest of the day wouldnt have turned out that way as, apart from oil trade, the other 2 trades were revenge trading as set ups were nowhere near ideal.

Flashys strategy of taking half the profits at 1:1 is a really good one but my problem is that when it does reach 1:1, I get greedy and think its going to catapult in my favour
Click to expand...

If its 90 pips up its already done a fair bit of running...

I had a look at the chart and there were one or two warning signs, like the reverse head and shoulders that was breached on the 5 min chart. You could still have taken 30-40 pips at that point if i remember correctly. Of course it depends on your system, t/f and r:r etc and at the end of the day as long as you make money then why change. Hindsight is easy but nobody gets it right every time... :)

and it sounds like you know that revenge trading is dangerous... (n)
 
Range trade. The larger trend is down so shorting is a safer play. Data out later so looking to close out before then and open a new trader after then numbers are out.
 

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splashy said:
If its 90 pips up its already done a fair bit of running...

I had a look at the chart and there were one or two warning signs, like the reverse head and shoulders that was breached on the 5 min chart. You could still have taken 30-40 pips at that point if i remember correctly. Of course it depends on your system, t/f and r:r etc and at the end of the day as long as you make money then why change. Hindsight is easy but nobody gets it right every time... :)

and it sounds like you know that revenge trading is dangerous... (n)
Click to expand...

I took this signal on 30 min chart and after the hammer (pin bar) at 13:30 UK time I tightened the stop. Also if you look at the daily chart, 1550 looks likely so I decided to keep.
 
Morning guys

sure to be more euro and cable action today,there are still the gaps to be filled from last week on some pairs.
 
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