Saturday, October 10, 2009

A game of two halves

Well glad this week is over, although i started my weekend a bit too early (bank holiday on Friday here).

Wednesdays trade was a short in the afternoon, a gap down and then a double low/ Inside bar, with lows at 15875, went short at 15872 and it chopped about before moving a little lower, but not enough to warrant moving up the stop, before rallying through the stop at 15992.

Thursday carried on where Wednesday left off. Long of the 5am IB at 16003, stop at 83. It rallied bya bout 20 point sbu not the 30 in the rules before coming back to hit the sop which had been moved up as the bar low was slightly higher. stopped at 15987 for a 16pip loss.

It was BOE rate day so cable could be very volatile but there was a large IB at 9am so i took the break of this, as the last time i missed a trade it would have profited. Long at 16067, stop at 16047 Cable kep bouncing before pulling back and then as the BOE was announced it rallied to 16090 but not the 30 to move the stop up, before the imevitable pullback to stop for another -20.

Not really the week i was hoping for and with Friday being a Bank Holiday where i live i was almost in weekend mode. There was an Ib early of Friday but was above the 50ma so i could not short it. After this I decided to call it a week........and so as you'd expect there was a pin bar then a few hours later and IB, which would at present be yeilding 100+ and 25+ pips each. Just shoes you've got to "be in it to win it" etc.

As usual , human psychology at it's best, the light was at the end of the tunnel, and if i'd tken those Friday trades and that trade on Tuesday the account would have been at new equity highs of around £180 rather than £117.50.

On to next week, with the account at least still in profit if only a little. Maybe it would be better to move the stop to Breakeven quicker as here were a few trades that went 20+ before stopping out, or maybe not use the filter of the 50ma as that meant i missed an IB on Friday morning? Who knows, but one bad week is not the time to start changing the system, especially when most of the problems were me missing the rofitable trades rather than the losses. Food for thought.

Open Bal £145.5

P&L -£28

Close Bal £117.50

Weekly performance -£42.50 -26.5%

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