Time to Reevaluate!

by 12:46 0 comments
Before I launch into a long spiel about anything and everything trading i'll get to the trade I took yesterday which resulted in another loss.

EUR/USD 15min

I entered on the break of the NS with the high volume bars in the background. I thought these were showing strength in the early hours of London and that we would continue the up trend for the week so far. Having emotionally closed the Point and Figure long from Wednesday I think I was looking to continue off the back of this trade and grab some pips before the end of the week. The set up is valid but it was just in the wrong place. Too close to the high made overnight, we needed a further retrace down before going for the highs again. So I was in a little early if anything as we got to my target in the end, but via my stop! It's also worth noting that the place we stopped the retrace was the high area of the 15min volume from the day before. Very common.

So that's that, another poor week, -4.86% on my account. I'm -19.90% since the start of the year and -16.25% down from my original starting amount. Admittedly, not very pretty reading! 

Again there were trades I could have taken this week and trades that could've gone better. Monday had 2 great entries alone which collectively, following my strategy perfectly were good for +6%, 3% per trade. By Monday evening alone there was the potential to be up 6%. I also entered a Cable PnF trade on Monday evening that was up around 50pips at best. Tuesday was a poor day, a PnF loss on Cable and a loss on Oil. I think i'll stop trading Oil for the time being. It's a bit too wild for me. Wednesday was when I entered the EU PnF long. I mentioned in Wednesday's post that I had a target in mind of 2660. Which was hit on Friday evening just before the close. I had that target in mind, so why didn't I hold my position and bank those 135 pips? Who knows. Thursday was continuing the PnF long before closing that and I didn't really see anything else that fit my strategy. 

I have to start being more careful with my entries. Yesterday evening and for the week i've been doubting my strategy. But doing a review for this blog makes me think it's more my application and carelessness in using the strategy that's the problem. Yes, again, I know there will be losses. But if I can avoid the stupid losses and start taking the good entries (Monday for example) i'll start feeling a lot better about it all. 

I am going to start applying more time to studying Point and Figure, i know I've mentioned it in the past but time to start honing a strategy and working on figuring the best signals in conjunction with the volume charts. Much like the trade on Wednesday, in my eyes this was perfect. Even 1 of those a week would be fantastic.

Going travelling has been on my mind for a few weeks now, a friend of mine mentioned he was starting to save to go travelling and this really got me thinking. I'm 100% committed to trading and for the most part I enjoy it as well but It is taking considerably longer than I had expected to achieve some sort of consistency. I'm only 24 so I feel now I want to go off and explore a bit, come back in a year or two and start again. Older, wiser but still young in the grand scheme. I feel I have the know how at this stage that some time off wouldn't really have a huge affect on me. Of course that remains to be seen! I could easily empty my account and go tomorrow! So anyway, that has been on my mind a little, it'd be a while before I / we actually go but it's something to consider I feel.

Enjoy the weekend,





28. Forex. Trading. Music. Beer. Food. Travel.


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