Armed and Ready

Sat down today, and saw the range that EU had been in for the last few hrs. Higher lows on all the hrly candles, but topping out. Seemed like a break was iminent.

First trade was basically overbought at hrly resistance line. When the retrace did not really go very far, and held around the 25 level, I entered a buy after that nice dip down and back up, with an expectation of break out of range. Even though my logical target should have been the highs for the day, I exited at the first sign of a stall.

Third trade came quicker than I thought. I was expecting it to do a runner past today's high, but when it stalled and failed on 3 attempts, I entered short and exited with my set 5pips. Though at the time of writing this, it is 45pips off entry :-(

importance of patience

Took one trade on Monday, but it was only a small trade, and I was too tired to make a screenshot.

This is Tuesday's trade. Well, this trade was all about patience. When I sat down, EU was in no man's land, half way between the pivot and already rejected off r1. Since eu is in a strong up trend overall, my preference has been for eu buys rather than sells. Once I started to see the down move, I decided to wait for pivot, which was nicely located around the 50 level (48). First trade was a pivot bounce, second is a reversal trade at the pivot. I could have held for longer, but I have stopped looking at hindsight trades. I reach my goal, and that is it.

Have done very minimal trading this week. Not in the number of days but just the number of trades. I have been trying to keep my trading totally limited to pivot levels or psych levels. Because the trades have been only 1-2 trades per day, I have had to wait quite some time for the to hit my price levels. Too tired in the night to post them. Just finished taking these two, and finished for the week.Another positive week, always a good thing :)

Second was a failure of what I was expecting a move towards 00 level. First was basically a rejection off daily r2.

should I or shouldn't I

I nearly shorted at 94, looking at how the chart was developing. But held back only for 1 reason, it was not my setup. Even though it looked like it was developing a nice short, but the stop would have been way up, maybe past 00, so I did not want to start taking trades in no man's land again. I had pivot at 71, and saw how it was slowing down getting to this level after picking up momentum beforehand. Even though it didn't get to 71 on NT, it did on the mt4 chart and usd/chf was hitting weekly pivot at the same time, hence my entry. Exit was based on it not following through after the first attempted retrace at that price.

Humility is best!!!

Well, I read a long time ago that it is best to be full of humility when confronting the beast that is the market. The market has its ways of making one come to their knees when they least expect it.

I had one of the best months trading for a long time, and let ego get in the way of objective trading. Decided that my entries were always good, and that if it went against me, it was bound to come back because that is what I wanted it to do. Lots of losses, let the trade go past my sl point, adding into positions etc etc. But worst of all, taking trades in areas that I call no man's land, ie getting ob/os well before levels. This led to me giving back all my profits and some.

Took some time off trading, because I wanted to give myself time for self-reflection on my mistakes. The method I use to trade works, period. The profits are there. There are trade oppurtunities abundant. And I believe I have found the missing link in my yo-yo journey of trading for financial freedom.

I shall start posting charts again next week.

Cheers,
K.