It's been a tough week this week and to finish it off I had a losing trade. The trade aside i've learnt a lot about myself, my strategy and the emotions involved through the course of this week and today in particular. I think an over used phrase in this blog and something I have to become conscious of is the term "it would've hit the profit target if i let it run". Unfortunately, the same can be said of today's trade. I took a long position on Cable with a 32 pip stop and target.
Trade 12 - GBP/USD (Cable) - Buy @ 1.5991 - Closed @ 1.5979 = -12
Cable 1hr
Cable 20min
As usual the volume came in on the hourly chart and with the next bar up this confirmed the strength. I entered slightly before the next hourly bar actually closed on a 20min No Supply. As you can see from the 20min screen shot the bar i'm talking about is actually an up bar. I took the screen shot Saturday morning (just before writing this) When i took the trade on the Friday it was actually an even close bar but for some reason e-Signal is showing it differently today. Either way, the high of this bar was my entry.
After a further test of the market three bars later the trade was going quite well. Unfortunately when it dipped down to test again I made the decision to get out of it. It moved around for the rest of the day before reaching the profit target. The idea behind getting out when I did was damage limitation. It was later pointed out to me that that is what the stop is there for. I should try to avoid second guessing my initial analysis.
Set and forget. So long as the initial analysis and trade decision was correct this should be a good mantra to follow.
Anyway, still in profit overall and we'll move on to next week.
Cheers,
KFT
0 comments:
Post a Comment