Reading Charts in Real Time

[Cory2679 11]

Potential EJ short...

 

UPDATE: Ouch that stings...

Edited June 7, 2011 by Cory2679

[Cory2679 11]

Current look at the EJ...

[Cory2679 11]

Current look at the EJ...

 

UPDATE: I've canceled the sell order...it's pretty late and I'm probably done for the day, but I still have the buy order in for now...

[Cory2679 11]

Current look at the EJ...

 

UPDATE: I've canceled the sell order...it's pretty late and I'm probably done for the day, but I still have the buy order in for now...

 

FINAL UPDATE: Order canceled...

[Cory2679 11]

Currently short the EU...

 

UPDATE: Stop moved down...

Edited June 8, 2011 by Cory2679

[Cory2679 11]

Currently short the EU...

 

UPDATE: Stop moved down...

 

FINAL UPDATE: Taken out... You can't even imagine how discouraged I am right now.

 

POST-TRADE UPDATE: Potential for a 1R loss had I not moved my stop...

Edited June 8, 2011 by Cory2679

[Cory2679 11]

Potential GU long...

 

UPDATE: Full 1R loss. Wow, I'm really having a bad week so far...the worst yet since I started consistently trading/posting over 6 weeks ago. I'm not 100% sure what's going on...not sure what to do right now...

Edited June 8, 2011 by Cory2679

[Cory2679 11]

Shouldawouldacoulda EU short...

[jovis 10]

FINAL UPDATE: Taken out... You can't even imagine how discouraged I am right now.

 

POST-TRADE UPDATE: Potential for a 1R loss had I not moved my stop...

 

I got burned on the same move, but on the EJ instead (in sim)...

 

PS. Great thread you've got going here. Started to read it a couple of weeks ago, and about halfway through so far. Really inspiring to read everyone's contributions.

[jovis 10]

UPDATE: Full 1R loss. Wow, I'm really having a bad week so far...the worst yet since I started consistently trading/posting over 6 weeks ago. I'm not 100% sure what's going on...not sure what to do right now...

 

I'm just a newbie, but the thing which comes to mind is thales' encouraging words in post 3286.

[Cory2679 11]

Shouldawouldacoulda EU short...

 

Didn't turn out to be all that great after all...went barely 1R in my favor and bounced back up through the entry.

 

This has been a tough trading environment this week. I think it may be because of the lack of economic news. It's crazy...yeah I haven't had any winning trades this week (I've had 1 breakeven then 3 losses in a row for a total of about -2.2R), but I haven't even had any major shouldawouldacoulda wins either!! The best thing I could have done so far this week is absolutely nothing! That is probably going to be the lesson this week.

 

I've been trying to determine whether it's just been a poor environment or if my calibration's off...I'm leaning toward blaiming it on the environment (and my failure to adapt, of course).

 

Anyways, these are just some thoughts that are floating around in my head. I'm off to work now.

 

EDIT: Well I guess there is one shouldawouldacoulda...I shouldawouldacoulda traded the European sessions! haha. The currency markets seem to move no matter what during the European session.

Edited June 8, 2011 by Cory2679

[Cory2679 11]

Wow...just got slammed hard on a EU long...the market went crazy...it basically went from the high to the low in about 1 second, then back to the high a second later. Crazy. You would have though that it was NFP or FOMC or something. I got slipped and took a 1.1R loss on that trade. I'm done trading for the week...I'll be on the sidelines monitoring but I'm not going to do any more damage to my account this week...it's getting to be a little much.

[Cory2679 11]

I'm done trading for the week...

 

Since I'm done trading, I guess I might as well post post my end-of-the-week performance log like I usually do...

 

[Cory2679 11]

Wow...just got slammed hard on a EU long...

 

Just thinking about this losing trade a little...

 

I don't think this trade fits in the same category as the other 4 trades I'd had this week. The other trades were more or less taken in a poor, go-nowhere environment...it wasn't that I outright called the direction wrong, there was just basically no direction at all and I got whipped out. This time I just plain got it wrong...my analysis was wrong...I went long when I ought to have gone short, plain and simple...and the market was particularly brutal due to the increased volatitilty from the news. It's a losing trade...at my current stage of development, it's probably a losing trade I'd take again. While in the trade in the beginning, I thought I'd bagged a winner! I felt confident. The market was still technically trending up, we hadn't quite reached the level of resistance I had my eye on, and I thought I long was worthwhile. Price had shot down just a little on the news when it came out, and often when that happens, I have my eye out for a long when price bounces from that initial burst. With the benefit of hindsight, I could potentially make an argument for a short there as well, but in the moment I didn't see it...plus with all the crazy volatitily it would have been a bit difficult to even catch except with a market order.

 

Have a good weekend!

Edited June 9, 2011 by Cory2679

[Cory2679 11]

Shouldawouldacoulda EU short...and the ONLY reason I didn't take it was because yesterday I had said that I wasn't going to be trading anymore this week...I didn't want to go back on that. I marked it up ahead-of-entry and wanted to take it but didn't (I didn't mark profit targets ahead-of-entry so I didn't add any for this post). I probably just should have taken it...after all, after that downmove off the news yesterday, we're basically in a whole different environment. I should have at least posted it and just said I wasn't trading it! Oh well. While it's disappointing to have missed it, it's still encouraging to have seen it and that the potential was there. I'm still just learning after all! I'm out of here in about 30 minutes so that'll be all from me this week. Looking forward to next week!

[Cory2679 11]

Potential UJ short...

[Cory2679 11]

Potential GU short...

[Cory2679 11]

Potential UJ short...

 

Potential GU short...

 

Both stops at break-even...

 

UPDATE: Both trades taken out for break-even...

Edited June 13, 2011 by Cory2679

[iwshares 10]

Apologies Cory if you've already posted but I would be interested in how/if your trading system has changed over the years, especially since you've started recording your trades here at TL?

[Cory2679 11]

Apologies Cory if you've already posted but I would be interested in how/if your trading system has changed over the years, especially since you've started recording your trades here at TL?

 

I've basically been trying to master the same approach on and off for the past year and a half. No major changes, really...just minor changes here and there as I gain more knowledge and understand via practice/experience, reading/studying, etc.

[Cory2679 11]

Potential GU short...

 

Both stops at break-even...

 

UPDATE: Both trades taken out for break-even...

 

I probably got to break-even a little quick...my confidence level (in general and on an individual trade level) is pretty low right now after last week, which leads to getting to break-even quickly for fear of an innevitable 1R loss otherwise...just something I'm going to have to work through...

 

Anyways, with the GU trade, it would have been a break-even trade regardless. Time will tell with the UJ trade...

[Cory2679 11]

Shouldawouldacoulda GU long...

[Cory2679 11]

Potential UJ short...

 

Both stops at break-even...

 

UPDATE: Both trades taken out for break-even...

 

Current look at the UJ...

 

I'm about to leave for the day...I wouldn't be extremely enthusiastic to be short the UJ right now...not unless we get a clear break of that trend line...

[Cory2679 11]

Potential GU long...

 

UPDATE: Stop moved up...

 

FINAL UPDATE: Taken out... I'm about to lose my mind. I'm convinced that delusion is the only thing that keeps me going with this.

Edited June 14, 2011 by Cory2679

[Cory2679 11]

Potential GU long...

 

UPDATE: Stop moved up...

 

FINAL UPDATE: Taken out... I'm about to lose my mind. I'm convinced that delusion is the only thing that keeps me going with this.

 

The moment my account shows a net loss, I'm going back to sim. I was up over 7.5R at one point. This is ridiculous. I was obviously on a lucky streak that has been struck. I was convinced that maybe I was getting somewhere. Obviously I was wrong. I am so demoralized right now. I cannot believe after all this time I am still as bad as I am. I guess I'm just not cut out for it. I wonder what it will take for me to finally throw in the towel.