As the song goes, "I did it again..." Had a moment of brilliance, and thought i would try my hand at the continuation trading as eu is trending quite nicely these days. Had several small 2-4pip losses, only to see them go my way eventually. Quite frustrating, just like the old days. My only consolation that these trades were very small size trades. So when I eventually did take my setup, oversold, over shoot, at the weekly r1, push up, try and fail, I took it with my normal lost size so was able to recover most of my earlier losses.
Moral of the story, once you know what you are not good at, don't attempt to do it, esp when you already have something that works.
the solution is simple. obviously you are recognizing the trend and trading with it but we just never quite know exactly where to enter to get back into the trend. So wait for the OS indicator to cycle in this recent uptrend and extend your SL. On counter trades keep your sl tight as you do but on the contination trades give it a bit more room to come your way...
ReplyDeleteYeah James, I have been trying to do that. I missed a lot of buys during the eur/london open when the OS came, and quite often they were withing 10-15pips off the lows of the day.
ReplyDeleteBut I just want to get these trades out of my system - full stop. They cause me more grief than joy.