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18-Feb
----------- Total Profit : 10 ticks (3 orders)
I was busy on Friday so could not capture detailed charts.
This week was much profitable than last week. Net Profit : 23 ticks. 5 winners 3 losers. I am using new method of determining stop loss dynamically instead of a fix stop of 10 ticks. This method seems to be lot more comfortable than before.
22-Feb
-------- Total profit : -15 ticks (3 trades)
First Trade : -16 ticks (6A) Overall market was choppy in morning, but 6A made some down move around 10.30. A Swing line at 0.9956. Shorted at 0.9955. But 6A didn't move as expected. My stop at 0.9971 got hit.
Second Trade : 1 tick (6E) Swing High at 1.3662. It was touched 2 times by 6E. Long at 1.3663. My target was 17 ticks at 1.3680. Stop at 15 ticks. It was a good entry, but 6E did not move up after 1.3675. It made double top and came back. Finaly I exited at BE+1.
Third Trade : 0 tick (6A) Swing line at 0.9952. 6A touched this price 3 times. Shorted at 0.9950. I waited for 2 bars, didn't see any movement. Exited at BE.
23-Feb Total profit : -11 ticks (2 trades) First Trade : 1 tick (6E)
I saw two dojis with equal bottoms at 1.3761. Usually I don't take this trade. But I wanted to try. Shorted at 1.3759. 6E seemed confused. So I exited at BE+1
Second Trade : -12 ticks
6A was ranging in morning. I drew a support line at 0.9966. This price was touched twice. Perfect entry as per my rules. Shorted at 0.9965. But 6A moved straight up after taking my order, as if someone knew about my order. My stop was hit at 0.9977.
What I have found so far is that my method doesn't seem to work very well when market is ranging. I should probably look for trending day trades only.
CL seems to be making wild moves. No way I can trade it as stops are impossible to be affordable for me.
24-Feb
-------- Total profit : -36 ticks (2 trades)
Yeh, that's correct. I was like completely drunk this morning. I didn't know what I was doing. My emotions were driving my trades today.
First Trade: -15 ticks (1 order, 6A)
All other currencies were in range this morning. But 6A made some upward movement. I thought may be 6A is good for trading as it was moving up. Swing line @1.0097. I made a long @1.0100 because that's a major price mark. That's mistake#1. I should have entered @1.0101, not 1.0100.. Anyway 6A moved down quickly and hit my stop @1.0085. Frustration! That's mistake#2. By this time I realized that 6A is in range. I should have stopped trading. But somehow I went into revenge mode.
Second Trade: -21 tocls (2 trades, 6A)
After hitting my stop on first trade, 6A moved up again. I thought second time it should breakout well. I have a good chance to recover my loss. So Entered long again @1.0101. It was a stop limit order. Stop price @1.101 got hit, but limit order was not filled @1.0101, 6A moved up very quickly. So I cancelled limit order and placed a market order, that was filled @1.0104. Guess what? 6A started moving down again. I was wondering what's going on? May be a temporary movment? But no, it was going all the way down. My Stop was @ 1.0090. Oh no, it was about to hit. I cancelled my stop and thought I would reverse @1.0085. I didn't do it. Finally to save more loss, I reversed @1.0083. Apparently that was a good decision, but my emotions were in control. I got nervous again and exited with +1 tick on reversed position.
I lost 2 trades within 30 minutes. Too many in this time gap. I should have waited some more time before placing another trade.
This week is not good for me. I am not able to read charts very well. I need to control my emotions and get back my confidence. For couple of days I will go on SIM trade and get some comfort. I need some mentor. Any advise from you guys are most welcome.
I'm am sorry you had a rough day..........but I need to point out that you were trading right in the middle of news releases......New Home Sales and the Natural Gas Report.......you could have avoided BOTH of the losses if you had stood aside for a few minutes before and after these releases.
Thank you for pointing that out Jeff. That's exactly what happened I think. I keep doing same mistake again and again. I had jtEcoNews indicator on 15 mins chart, but somehow it has stopped working from last 2-3 days. I tried to debug that indicator and found that https://cloud.forexfactory.com/ url is no longer working. I should have checked Forex Factory website for news. Anyways learning hard way.
Hey Jeff
Silvester's suggestions works for jtEcoNews indicator. All you need to do is edit jtEcoNews indicator and then search and replace string "http://cloud.forexfactory.com/ffcal_week_this.xml" with "http://www.forexfactory.com/ffcal_week_this.xml". This should fix jtEcoNews indicator.
But somehow jtEcoNewsAddIn indicator is still not working. Not sure why.