Blogger was down for a couple of days so I wasn't able to get on and post a blog for Thursday, as for Fridays blog, well i'm just being lazy again!
Didn't take any trades on Thursday anyway so not a great deal to report from that.
On Friday i took a short on Eddie at 1.4280 based on the 15min charts. The price action was a bit slow pre news so i decided to close out for 1pip. Once it fell a further 200 odd pips i was a bit annoyed with myself for not staying in the trade. The greatest tool in a trader's arsenal is that of hindsight. With that in mind, there wasn't really a good reason to get out. Guess I just spooked myself. After the news announcement and weakness from that there were plenty of other opportunities on the way down but I didn't take any of these. One positive is that I was correct in my initial analysis, just need a bit more confidence in the strategy.
Trade 38 - EUR/USD - Sell @ 1.4280 - Closed @ 1.4279 = +1
The ND that i entered on was a great example of ND in a down trend, it was around some trigger numbers on the 5min chart as well but my entry was based on the 15min chart. Looking at it now there was no real reason to exit, the three bars following the initial ND were down bars. The news announcement added further weakness with the volume representing hidden selling. Live and learn!
Cheers,
Liam
I think that yes you need to trust on your strategy, but also if you had the feeling that the market was not right, you did the right thing in closing it.
ReplyDeleteOk, it run +200 pips, but also had the chance to went in the other direction and be -200 pips.
Others opportunites always come in the market.
Hi Julia,
ReplyDeleteI would have closed out before the news announcement anyway, i always do. It's more a case of missing the entries once the weakness was confirmed from the news. But like you say, there will be plenty more opportunities!
Cheers,
Liam
Hello Kinsale. yeah it is me again. Sorry if I bother you with no related forex question. But I like how your links work, and I have been looking into the blogger and I could not find the way to put them. Could you help me?
ReplyDeleteI mean if you dont care about me copying your link style :)
Good luck this week, I will inform in Forexfactory when i put my first VSA trade this week.
Have good luck
Hi Aventura,
ReplyDeleteI'm not sure what you mean? Do you mean the link to the photos?
I upload the photos to a website called photobucket, i take the URL from that file and use the editor on here to add the image.
Cheers,
Liam