Tuesday, November 9, 2010

One more chance for the fool

On first trade, the two pillars of catastrophy were there : late entry and refusal to exit with a loss. Price went to -18 and I was just looking at the disaster, like a petrified newbie. Then price recovered to breakeven, trade not closed, and went south again, making a double top. I closed with a -6.8 loss, in extremis, just because the market was kind enough to give me a second chance..The pips came immediately after, when I got the correct direction...

8 comments:

Thanos said...

Hi,
could u explain whats the white arrows and black arrows correspond to?
I suppose entries&exits but what is the difference between black&white arrows?
Thanks
Thanos

The forexbird said...

black arrows are entries/exits. white one are indicator related, i don't pay attention to them.

Mike Lewthwaite said...

Forexbird,

I enjoy watching your blog and have been wondering, Are you using the 3 range alone or are you using shorter and longer timeframes for precise entries and bigger moves?

thanks,

Mike

Anonymous said...

Heah Constantino,
this trade reminded me of another 'ugly one' when u did the same mistake of holding on & hoping. Then 'Pip God' showed mercy and gave u the second chance..lol.

It feels good to see that frequency of ur 'ugly ones' has reduced dramatically..:D

Tc bro..:)
King Singh.

Anonymous said...

U kno, i often see the duration of trades that u take (as sometimes there are more than 15-20 bars in a minute that require real quick reflexes)..
And in this case..35 minutes of horror fo u.. uff !!

The forexbird said...

Mike,

I have a MT4 open on a separate monitor with 15m, 1h, 4h charts. Mainly to avoid entering against res/sup levels of these TFs.

The forexbird said...

""t feels good to see that frequency of ur 'ugly ones' has reduced dramatically..:D""

evolution's benefits...

""And in this case..35 minutes of horror fo u.. uff !!""

bloody morning, indeed! lol

Johnson said...

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