New Template and Further Introspection

by Liam 12:28 3 comments EURUSD Introspection

For those of you that are still reading this blog, you'll see I have a new template. I must admit i'm quite fond of this one and it's probably my favourite one yet. I even went so far as to create myself a small P&F logo to put in the header!

Anywho, setting up this new template served as a nice distraction to the crappy start I had to this week.

Two trades on Monday, a break even (sigh..) and a loss. Three trades on Tuesday, two losses and another break even (more sighing..)

All in all, as of this morning - Wednesday 29th April i'm down 3.31% for the month. Doh.

Here's a few charts.

Monday;

EURUSD Sell 1

This one was just a bit unlucky, it went straight down and hit 1:1 before reversing and taking me out at BE. One column down, one column up.

EURUSD Sell 2

This one bounced around a lot, nearly stopped me out once, pushed down and made a new low (the low for the day) before turning and stopping me out on a push upwards.

Tuesday;

EU Sells

Both sells and losses are marked on this chart. The first one was with the trend and below the MA. It went a decent amount of pips before turning. My stop was obviously a bit wide. I should've gone with an 11 or 12 pip stop. Looking at it now, i'm not sure why I didn't.

I was stopped by the long column and drive up between the two signals. When price reacted down I thought it had just been wiping out some stops to continue the down move. So I entered short at the next descending triple signal. This one wasn't to be either and this pretty much marked the low for the day as well. I'm basically going short in a higher time frame up move.

So for the third trade of the day I decided to get in long when the opportunity arose.

EURUSD Buy

Once again, some self sabotage crept in. My initial target would've been hit but I decided to let the trade run as I felt it had more upside to come. I wasn't wrong. It went a lot higher, but not before stopping me at break even. So basically again, I'm acknowledging the fact I didn't stick to my strategy. I need to keep thinking little and often. I'm very much my own worst enemy at the moment.

I'm taking the rest of the week to see if I can figure out another longer term strategy to complement my scalping strategy. I keep trying to hold trades longer and it's coming back to bite me. If I can work something out on a higher time frame or something with wider stops I think this may be beneficial and aid me in sticking to my scalping strategy a little more rigidly.

As well as all of this, i'm going to start posting some higher time frame analysis P&F charts. I feel I want to dive a bit deeper into this and see if I can get anywhere.

I really feel like i'm close.

The only thing that's holding me back is me.

Cheers,

Liam