Sunday, September 27, 2015

WEEK IN REVIEW: 21 Sept to 27 Sept 2015

Time to regularly update my blog, I think.

This week hasn't been too great. I incurred two losses and one breakeven this week. However, I've been profitable for the three weeks prior to that, so I guess my winning streak had to end.

I also shorted the GBPSGD on Thursday, which is still open.


I spotted a low volatility bullish pinbar around 2.05000 on Monday. I saw plenty of room for price to break upwards (at least 1.75R), but the trade didn't work out. Price promptly reversed after triggering my entry.

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It's a similar story on the EURNZD. I saw a bearish pinbar on Monday, which offered a shorting opportunity to win 1R, but it didn't work. I was stopped out a few days later.

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I prematurely exited this trade at breakeven due to emotions. My entry was a small bearish pinbar on Monday. I was aiming for a small reward of 0.67R. Price was progressing towards my TP, and then Draghi gave a presentation on Wednesday, causing price to retrace to my entry. Facing losses on the EURNZD and GBPCAD, I decided to end this trade at breakeven. This provided an emotional cushion, I guess. I was also watching the chart live while Draghi spoke. I found that the more time I spent watching a trade, the more emotionally invested I become.

Price resumed moving in my favour, and would've hit my TP on Thursday. 

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I went short on Thursday after seeing a bearish pinbar on Wednesday. Reward is 1R. Price came really close to my TP on Friday but reversed as traders exited for the weekend. I hope to hit my TP on Monday or Tuesday.

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I need to stay away from live charts while a trade is open. Less chart time = less emotional investment. 

And RIP Mark Douglas. "Trading in the Zone" is one of the best trading psychology books I've read. 

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