Reasonably simple trading

WadeGrimm

Member
Saw a reversal pattern off 18175 but I don't consider quarterpoints on their own. With that in mind I will however look to exit if the move lower continues past 18150.
 

WadeGrimm

Member
Have also moved target in to +30 now as progress has been slow and it's Friday afternoon, which is frequently a less than ideal time to be long of anything in my experience.
 

WadeGrimm

Member
I'm out at break even, can't be bothered to have this trade take up any more of my Friday night.

Finishing the week with +62.3 pts.
 

WadeGrimm

Member
And of course - because the universe has a sense of humour - less than 30mins later there's a trade deal headline which briefly pushes the market past my +30pt target.

There's a lesson in the human factor there - "Can't be bothered to have this trade take up any more of my Friday night" is not one of the six reasons to exit a trade I listed at the start of this thread :rolleyes:
 
C

cantagril

And of course - because the universe has a sense of humour - less than 30mins later there's a trade deal headline which briefly pushes the market past my +30pt target.

There's a lesson in the human factor there - "Can't be bothered to have this trade take up any more of my Friday night" is not one of the six reasons to exit a trade I listed at the start of this thread :rolleyes:
Perhaps just rewording it to a rule: "Close out all trades at Friday London close" . That would allow you to feel better about it, being a product of thorough analysis over time and therefore a logical addition to your rules based system:p
 
C

cantagril

Absolutely true...though I believe that if one retains an awareness (or even keep a record:p) of all the failures, mis-fires and delusions experienced during the odyssey then it becomes increasingly difficult to repeat one's mistakes and eventually all that remains is what works.
I know it's bad form to answer one's own posts but I thought that a better context of the above idea might be of more use:

"Il semble que la perfection soit atteinte non quand il n'y à plus rien à ajouter, mais quand il n'y a plus rien à retrancher." (Antoine de Saint-Exupéry, Terre des Hommes, 1939)

Which translates approximately to:

"It seems that perfection is achieved not when there is nothing more to add but rather when there is nothing left to remove."

...so in the end, you'd be left with nothing. Perfick!
 

WadeGrimm

Member
0930 sold Brent oil 45.90

Waited for the UK data to pass before entry.

Stop 30, Target 50.

2020_11_23_brent.png
 

WadeGrimm

Member
Perhaps just rewording it to a rule: "Close out all trades at Friday London close" . That would allow you to feel better about it, being a product of thorough analysis over time and therefore a logical addition to your rules based system:p

That's one idea certainly, but I do generally like to give trades time to work out later in the day, especially as things can sometimes pick up after a bit of a lull around the London close. It's not really much of a hardship keeping an eye on things up to 9pm on phone or tablet, I'd just had enough after what felt like a long week and beer o'clock was calling :)

Ultimately I went against my own system and paid for it, lesson learned I think. Things like this are part of the reason I started a journal, I keep all my trade details in a spreadsheet but seeing thoughts written out like this is a bit different.
 

WadeGrimm

Member
Almost 1.30pm so time for a break, still holding oil short with stop at b/e.

See potential entries long on FTSE if back above 6350 and short GBPJPY if back below 13875, but I'm happy to miss them if they happen during my break. It's an odd period of the day with various US markets opening at various times so I have a little less trust in signals that occur around these times.
 

WadeGrimm

Member
Will come out of this oil trade ahead of the MPC at 1530. That'll probably be it for the day as I'm not particularly keen on trading while a major central banker is on the mic.
 

WadeGrimm

Member
And in fact at 1510 just hit target for +50.
 

WadeGrimm

Member
Closed -11.9 and reversed.

Now Long from 16208.7, Stop 30, Target 50.

More than 20pts from the low which is a bit of an error but the "reverse" button on my broker platform is just too easy to use.

2020_11_25_euraud2.png
 
 
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