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Well, I bought 5 contracts near the day´s low. Stochastics were near 0, MACD Hist were diminushing, MACD lines were about to cross, MA 5 was starting to reversal and pointing up. My target was 13260. I enter the position at 7:15 pm (GMT). I knew I´d have to let this position to go to the folloing day, as I´d have to pay for it (I trade CFD).
By 8:25 pm, price rose to 13217. At that point my profit was €190. However I didn´t close the position, as I expected the price to rise during the following day (today). At this time I move my stop to 13182, to cover spread. My idea was to give some space for the price to fluctuate. Well, 13217 would turn to be today´s high. During the night, the price fell and my stop was reached. From €190 I could get, I got €15. I didn´t lose money and that is key for me.
Here´s the 5 min chart:
And here you have the 30 min chart:
Trade 2:
Trade 2: Light Crude June (€1 per contract)
Contracts: 3
Position opening: 102.57
Limit: 103.57
Stop: 102.37
Expected profit: €300
Loss in case of stop hit: €60
Spread: 6 cents (€18 in this case)
Loss: €60
Light Crude fell almost 400 points yesterday. At the point I open the position, like the previous trade, Light Crude was near the day´s low (after that great price fell). There was a MACD divergency with price. MACD lines were rising and MACD hist also, keeping above 0. All MA lines went flat starting to point up. I open the position at 102.57 and put my target at 100 point higher. Once again, day trading was not possible, as I enter the position by 7:25 pm (GMT). The market rose to 102.72. My stop was 102.37, has I allowed the price to be a little lower than the day´s low (102.43). Well, the price fell until 98.36!
5 min chart:
30 min chart:
CONCLUSION:
If I could give a rate to me trades, I would give a C- to Trade 1 and D to Trade 2. My strategy was not totally wrong. I just should have predicted the price would hit or be close the Fibonacci point and fell again (that´s what almost happen). As for trade 2, I confess I didn´t expected for the price to rise more than 400, again.
I day trade! I rarely do swing trade. In any other situation I would have taken those €190. However I pointed for that target price...
So, guys, opinions? How do you acess my trades? Sugestions?
Whatever your reason for getting in a trade, the best reason for getting out was that it was wrong. So, losing a trade because your stop loss was hit is is always good, because you do not run the risk of blowing out your account and you can make another trade based on your strategy.
Do not be too hard on yourself.
Believe me when I say that having a losing trade is not as bad as you may think.
Looks good to get some trades down. Later on you can discover new setups and ways to improve your stop and money management. 1 euro ($1.3) per tick sounds pretty good to start out with. Good trading.
- I was right once again, at the moment of my entry. The market fell 11.5 points, as I was profiting €115.
Negative aspects:
-Greed won again. I could have closed the position and have a €115 profit. However, I didn´t close, expecting a higher profit. So the market rose first to my opening price. Then, hit my stop loss.
Conclusion: - Should have taken €115 or event any profit smaller than that. However, I must accept the risk of losing money on any trade I enter.
