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Entered early but eeked out the winner. I was at work for most of this trade after entering, just left the OCO and let it go. Could have been a much better day if I hadn't been so tentative and missed that short from 1820. Still, a positive result.
Today the action was at attractive levels on the 4-hour chart. Something that I'm thinking about is using the 4-hour chart more heavily as a filter, or at least waiting to be very aggressive until I see opportunity on the 4-hour. This may mean I don't trade at all some days, but today we were at good inflection points and there was potential to make some dough.
Dec 5: -$7.37
Dec 6: -$15.66
Dec 7: -$14.08
Dec 8: $17.17
Dec 12: $-28.16
Dec 14: $29.67
-----------------------
$-18.43
I reckon thats a good idea. I find the Euro is a meat grinder on lower timeframes, 1hr and above is where this thing needs to be traded. You get much clearer setups on the higher timeframes.
DEC 14: Man...just held on too long. Looking for a test of Last Week's open. Got halfway there on the news then reversed. Just waited too long to get out. Still happy to have a green day, even a small one.
@FlyingMonkey: I'm finding too that the 1hr and the 4hr are much more reliable when it comes to dictating the price action. The 4hr ATR though is pretty high, and I found it difficult to make decisions from it, other than using rejection at levels. I'm trying to be more in tune with the 1hr for the price action. The 5min is killer though.
"It does not matter how slowly you go, as long as you do not stop." Confucius
OK, as promised I will post my whacked-with-an-ugly-stick trades for the Euro session a couple nights back. Pixels:
As far as I am concerned, this is about accountability. Caught up in the "action". In retrospect, I was trading in a narrow range that I had no business being in, but I got sucked in anyway. Not that it wasn't tradeable, but not by me. So many mistakes, maybe I was just jonesing for something. I have a somewhat addictive personality that could contribute to this.
After this, I backed away for a day and licked my wounds. Turns out the last two days were amazing in terms of opportunities, but I wasn't there to participate, by choice It's OK, there are opportunities everywhere, but I have to find a way to make myself available to them.
The goal is to be consistently profitable. I am not there yet, but at least another feather in the cap.
@Rrrracer
Thanks for sharing. Sucks to share those awful days...believe me, I know. At least your losses weren't awful. But you're right that combination of a trading range + addictive personality is killer. If you figure out a way around it, let me know.
"It does not matter how slowly you go, as long as you do not stop." Confucius
