Skaven's Road to the Banks

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SkavenDC
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Postby SkavenDC » Wed Aug 03, 2011 7:22 pm

Twice in one day....Are you kidding me

Same trade. Reduced take profit to 45 while keeping the 15 pip stop loss. Figured it would jet up again if that area was approached. While I was busy at work, same thing happened. Bid price just pierced the buy limit but not the ask. Oh well. Better than a losing trade. Damn my full time job and the bills that make it a necessity.

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SkavenDC
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Postby SkavenDC » Fri Aug 05, 2011 2:41 pm

Thursday was a wash. Played with different pairs. +2.9 pips for the day and +0 (zero) money. By the rules trades. Re-entered a EUR/USD mix that went full stop loss. Caught it on the way back up the the tune of 20 pips to bring me to 0 for the day. I'll take it for now.

I did place an overnight trade on EUR/JPY. 10 pip stop loss with a 30 pip profit. Missed my stop loss about as close as I missed those two Aussie trades the other day. First chart is a 4 hour chart showing my entry and exit. Next is an hour chart showing the wick details. Left an additional 50 pips on the table. Happy with the 30 I took. Overall, 7.25% for the week.

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SkavenDC
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Postby SkavenDC » Tue Aug 09, 2011 5:03 pm

***You do not have to swing for the fences yet***

Took a couple overnighters on EUR/USD. Stopped out on both. First one was a minor area so I set a 10 pip S/L and a 40 pip T/P. Went to 37 then hit my stop loss. I was originally going to set T/P to 30. Missed that one. Second trade I got stopped out by about 0.5 pips. Tried something different this time. Didn't believe that it would touch the top area. I have observed this behavior in the past, so I placed an order half way between the two 50% MightyZone lines with a 12 pip S/L. Went about 10 pips against me them moved 88 pips. I added 2 pips to cover the spread. Guess I should have either gone for a better price or increased S/L. Better price is always more attractive than increased risk. Still happy with the trades taken. Just don't need to shot for a 10:1 risk:reward at this time. Focus on making good trades and leave some on the table to take later once you are more comfortable.

First picture is the 1H. The red line was my "averaged" MightyZone line. Second picture is the details.

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SkavenDC
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One Taken - One Missed

Postby SkavenDC » Wed Aug 10, 2011 7:49 pm

Two trades. Well. Three actually. First was a EUR/USD that I had set that the price just blew through my stop loss in about 30 seconds. No great loss. Second was a EUR/JPY mix that I was playing around with the stop loss and got stopped out at +25 pips. I initial take profit was 40 pips. Should have left things alone and taken more off the table. Last trade was a trade that I canceled. AUD/JPY mix. I had a sell order at the orange line but at 11 o'clock last night (orange arrow) I canceled it because i had two EUR/USD orders (buy limit and sell limit) and two AUD/USD orders (buy limit and sell limit) pending from overnight. Price on those two pairs bounced between my two take profits on both pairs while the order I canceled was a winner. Oh well.

First image is the EUR/JPY mix and the second is the missed trade from AUD/JPY.

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SkavenDC
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Postby SkavenDC » Thu Aug 11, 2011 12:35 am

One for the eve. EUR/USD buy limit. Took 30 off the table. Have a lot to do tonight so it may be my only trade for the evening. If I take anymore I'll post in the morning.

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SkavenDC
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Postby SkavenDC » Fri Aug 12, 2011 1:45 am

Only trade taken today. Placed the trade this morning. Happened at work. Only problem I see with the trade was I was not actually busy at work at that time and I was watching it. Took trade and instantly shot up to +12 pips. Almost took it but let it ride and it instantly dropped to within 0.2 pips of my stop loss. So it between -8 and 0 pips. Shot up again to +10 pips. Saw it drifting back towards negative, and got out at 5 pips profit. Eventually would have hit my take profit of 30 pips. Lesson for today;

**Don't trade with emotion and leave the trades alone**

If I am willing to risk 1% to make 3% (or more) then I am willing to lose that 1% once the trade is taken. I have screwed myself out of close to 30% on the account because I messed with the stop losses and/or just manually closed the trades. Right now I do not have the time to babysit each and every trade so I need to get comfortable with placing the trades and letting them do their thing once they are taken.

At least I'm staying in the black.

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SkavenDC
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Postby SkavenDC » Mon Aug 15, 2011 12:55 pm

Sunday trade. I try not to trade on Sundays. What I mean by trying not to trade is that I **SEE** an entry point and take it. It goes against me so I place another one where I **SEE** an entry point. It too goes against me and then I start placing random trades. Basically I never saw sh*t. So, to protect my balance, I stay out of the market till Monday morning. That hasn't happened yet, but this trade was different. E/U was approaching a canceled trade line from last week (I cancel all my pending trades on Friday), so I placed the trade again. The trade was taken, came within 2 pips of my take profit and went against me. Not the end of the world. Have raised my account to the point that it wasn't quite a 1% loss, and I am still happy with where I placed the trade. Perhaps Sunday might require different rules. Maybe a wider stop loss. MightOne has said in the past that you can almost always get a better price (may not be to the word, but I don't feel like hunting for the post right now). I have been placing my entry's at the 50% line only because I do not have time to watch the market and babysit my trades as they take place. It is interesting to note that had I placed my entry a little further up into the Might Zone (like my stop loss), I would not have stopped out and made my 3:1. Or I could have left the take profit where it was and made 4:1. Or I could have risked it and made 5:1, but just and I wouldn't have done that. Anyway, so starts another week.

First picture is the hour and the next is the 5 minute details. Green price is entry, red price is exit for 10 pip loss. Orange line was take profit.

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