Short post for this evening, basically, I struggled to get a grip with what was going on today. No trades, no losses, no wins. Had a couple of orders placed at various times that thankfully didn't trigger. I think I was stuck in bear mode and it worked against me. Not to mention I got a bit carried away with lines. I know a certain trader who'd be proud!
I'll get back into it tomorrow,
Cheers,
Liam
EUR/USD 5min (with a lot of lines!)
Hey Liam, I hate to give advice because i am far from a pro trader myself, but in reading the last 2 days posts, it seems it comes back to the same issue of not being sure if you are to take a trade.
ReplyDeleteStealing this idea from trading psychologist Brett Steengartner, it seems one way to be sure if you are to take a trade is to have a detailed checklist and that checklist must be completed before you take a trade. That way there is far less guesswork on if you are doing things right.
Also, if you are feeling fear or anxiety about a trade, just look at your checklist and you know "this is why i am in the trade so it is good- im feeling this anxiety for some reason but not because this is a bad trade idea." I could be completely wrong, but what do you think?
radicalboy/Joel
also, looking at the charts and hindsight being 20/20, it seems if you look at a 1hr or 4 hr there is strength in the background with a Hi Vol spring bar. It is even tested and then we should be considering a move up possible.
ReplyDeleteI can see when looking at the 15min chart there was a lot of selling at that resistance point and it looked like a selling climax tho.
Again, i see this now looking back and i am far from an expert anyway, but tell me what you think.
Joel
when i said selling climax i meant buying climax :)
ReplyDeleteThanks for the tips on the checklist, this is something i've read about since day 1. It may be about time to get my strategy and process down on paper in more detail and work from here. Sounds like I could calm myself by going through my own thought processes.
ReplyDeleteYou make a good point about the 4hr chart, particularly at the low where the highest volume comes in. The highest volume on the 5min chart above looks like it can be attributed to pushing through the high of this 4hr range - 1.2795. I think i've been stuck in bear mode and need to flick to bull. Or more to the point, flick to impartial.
Thanks for the comments and don't hesitated to post them!
Liam
Thats a good point about flip to impartial because its something that ive had a hard time doing.
ReplyDeleteI know ive heard gavin say never get one side stuck in your mind. always say something like "this is what i think right now but i am willing to change"
Joel