Reasonably simple trading

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.
 
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.
 
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.
 
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:
 
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
 
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!
 
0930 sold Brent oil 45.90

Waited for the UK data to pass before entry.

Stop 30, Target 50.

2020_11_23_brent.png
 
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.
 
hey guys - looks interesting thread - will take a look - N
 
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.
 
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.
 
New low, but need to make more headway past the 0800 low or this could turn in to a reversal back above 16200.
 
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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