Wednesday, November 24, 2010

No ego, no fear, no forecasting: just honour the signal

Yuppy

Entered a pending sell last night on the last signal, which was stopped out (pic later). 

Update:  Pending stop-and-reverse (SNR) triggered in early Asia.

Update:  Trade is not looking great, about -75 atm.  Moved SL further below as I realise a massive kumo flatline on Daily TF.  Added a last chance trade 25 pips above stop.

Update:  Stopped out again, argh!   Total of -180pip loss.  White hot anger.  Angry because I'm thinking about the dollars, and not focusing on the right thing: process.  Pegs me back to just under breakeven for the week.    

I'm not going to trade the immediate sell signal generated.  I'm psychologically on 'tilt' at the moment, so best I walk away before I do something stupid like commit a revenge trade. 



Review: The 1st trade was technically fine.  But the 2nd trade should not have been taken, because the price did not show a higher or flat bottom structure. 

I have to also point out at this moment that, had I taken the sell signals on Fibre since the first one @ 3616, the current net profit would be in the region of 1400 to 1600 pips.  Sonaofbitch!  Again, trader's fault (I was so happy getting out with +240 on Fibre yesterday night, now look - I'm a net -0.14% loss for the week). 


But this shows the potential of trading point and figure.


(And surprisingly, putting pen to paper assists in taking me off 'tilt'.  I can feel my emotions ebbing already, but I'll still need to walk away and refocus.)

Cable and Fibre

Took first buy signals with system stops.  Cable is shaping for a 2nd reentry potentially, so I will set up a pending order there.

Update Thursday 12pm:  Both trades are in deep drawdown.  Fibre's flashed a sell box but did not take out the SL.  In reviewing the trades, Fibre was appropriate, but Cable should not have been taken because the price structure was not showing a flat or rising bottom.

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