I didn't trade this week until today. Market was slow and without opportunity when I was by the screen. Today I had one small trade, gain of 13 pips.


Market was falling in unusual way if watched on smaller time frames. I drew trend lines and had a plan of counter trend trade around lower trend lines if decline have a stop there, counting on some support. There was low for this week around that level and my trend lines.


I wasn't sure on first fast break, but on second test market was slow. I waited for uptick, not usual for me and entered on great level.




Exit was little premature but I remembered article from Dr. Brett about sabotage by thinking on two time frames. So I gave up on a swing trade and focused on scalping (well my entry was on 10 sec) and got out.

Dinosaur blogger

I found this new blogger Dinosaur Trader through One Bad Trade blog. He is trading NYSE for over 8 years, had good years and now he is fighting to survive in the hybrid system. I can say that he is really worth reading. You can get insight in his trading and learn some new trading tricks and he has great writing style especially when he is relating to other stuff not just the trades he made. Like the post about trader Zeke. So it's real refreshment to read some of his posts, like reading some interesting book like Martin Schwartz's - Pit Bull.



I would also like to mention great new blog worth checking out tradercowboy.

Week results

Some of the losses made in the beginning of the week were earned back. So total result is -137 pips. (-202 + 65)
It could go without the loss. In the end when I look back I can see that I didn't need to gain anything with bad trading practices. I could just take my losses and trade another day, no fighting, revenging, averaging. With just simple lose of about 20 pips X 2, in the end I would still be in plus. So this is lesson for the future don't fight, loses will be regained in good trades, no immediate need to gain them back instantly.

The positive side is that I like 5min charts and ability to ignore 1min.


I'm also glad that trader ZBS and NYSE scalper are back in tracks.

03/22/07

I shorted gbpusd after the news because there was no follow through in buying, just spike.To add more I chose gbpjpy for "clever" reason of it being to high.

It jumped up and I had to add to a loser, but just 1/4 of position more, just to be satisfied.
My thinking was that usdjpy won't go through 118 and I had strong conviction that gbpusd won't go up because of no strength showing.

I waited a long time by my standards, thanks to 5min charts I can wait longer. But when after this brake down it stopped I just had no more patience. To add to that I was exhausted by feeling of fear and need to get out that started 15 minutes before my exit. I fight with them, but usually after that if there is some more profit I just get out

I'm not proud by this exit and trade, because I waited a long time and in the end took small profit in relation to risk that I take. I didn't waited enough. Gbpusd didn't entered 670 zone.

What is the point of being right when you don't capitalize on that. When I'm wrong I lose, when I'm right I gain less. It's the common trait of human nature to cut profits short and let losers run, why it should be any different for me.
I think that is starting point for every trader, to be in position that human nature is main problem for him. From that point on is the path of learning to trade and override emotions, human nature. One step at the time.

gbpusd +22
gbpjpy +10