Thursday, June 18, 2009

06/18 The "Dark cloud day"

Today is one of those days you wish you didn't have a blog to document your trades. Can I just sweep it under the rug and pretend I was sleeping? :) Ok, we all make mistakes, they're opportunity for improvements, it is just that some days we end up having way too many of those opportunities. That's Today for me.

Let's start with the first trade and work our way through those trades. I'll highlight what the opportunities for improvement were, so I know what to do next.

1) Short EUR/USD. I noticed this 1-min breakout on the EUR/USD, I was certain that a break there would push through the SMA 50, which it did, but I ended up missing the best entry, took a sell after the candle retraced a bit. Closed with +0.6 pips when it found hesitation.

2) Short EUR/USD. Not happy with 0.6 pips, I chased the rest of the move down
3) Short EUR/USD. This is a great example of what I look for. Notice how clear the break and retracement were, notice the fibo gap closed in 1 minute. Take your money and do it quickly. Just the way I like.
4) Long EUR/USD. I actually liked this set-up, I was tracking and expecting a break, notice the 1-min triangle. Took the trade and closed it (too soon?). I did not respect the daily open level
5) Long EUR/USD. I kept watching price action and took the "second try", when the EUR broke out of its daily open level. Nice trade, with the caviat of the daily open being an important level. It is very likely one could find a much safer entry after this break.
6) Long GBP/USD. I took this one based on the team's observation. They did not call it officially, but I liked how the GBP was looking with this set-up. Exited as soon as it hesitated before even pushing further.
7) Long GBP/USD. Another shot at the previous trade. I closed it too soon when the GBP retraced back down by about 8 pips. May need to re-evaluate my stop loss point.

8) Short USD/CHF. This was called by one of the trading room experts in candle patterns. Perfect set up, notice how toppish CHF was looking. I got in, but closed too soon.
9) Short USD/CHF. I got back in once it broke the candle's low point, good re-entry.
10) Short EUR/USD. I noticed the bearish formation on the 5-min chart, then the break of the EMA13 + SMA 21. Got short, took the heat, and made my way to the SMA50. I liked the trade worked, specially liked that I didn't exit too soon again.

11) Long EUR/USD. Likely to be the worst of my trades in the day. Late in the day, I did not respect the Overnight high/low level. Took a buy just where th EUR/USD started its descent for the day. On the right side, I closed the trade instead of adding to it :)

Ok, if you got thus far, congratulations! You're interested in learning. Like I said earlier, there was ample opportunity for learning, the key here is that my mistakes are under my control, and can be fixed.Soo, what have we learned?

0) NO CHASING is my number 1 goal for Tomorrow and next week

1) Place the stop at the 50% level on the fibo. The 39% level is good for futures but currencies tend to move more. Easy fix, consider it done.

2) Respect Key levels: Opening price, Overnight High and Overnight Low

3) Keep at it! Today wasn't pretty, but Tomorrow brings improvements.

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