You did very nice job in catching full move in your last trade. I wonder why didn't you close short at 935 (trade after second red circle) sooner? Also those two are undisciplined because you gave them to big stop loss or?
Hey FX - I didn't close the trade sooner bc I'm going for at least 15 pips on a trade. Of course sometimes I fall short of this goal depending on market conditions & my personal trading psychology. On that particular trade I thought I might have caught a really good entry on a push down to 1.3905 so I was willing to let it come the way back to my stop (and it did) oh well! lol.
I have a 5 pip stop-loss automatically placed for me when a trade triggers. It's becoming a rare that a stop-loss is more than 5 pips.
The reason those two trades are undisciplined is for 2 reasons. First being that visually by looking at the chart you can see I need to be cautious because the trades are immediately after strong pushes downward. Second, is that on the 5 second chart I didn't wait for a well defined mini triangle or wedge pattern to be created before I placed the order. If you look at the 5 second min/max chart I posted yesterday evening you can see I didn't place my order on the 5 second chart until; Price came up established a high.. went back down & came back up but didn't break the high.. and then went back down but didn't break the low. I combine this miniature signal from the 5 sec chart with the general structure and direction of the higher time frames to get my entries.
Once I'm in a trade I'm looking to move my stop to BE fairly quickly and then see if I can catch a 15+ pip ride.
You did very nice job in catching full move in your last trade. I wonder why didn't you close short at 935 (trade after second red circle) sooner?
ReplyDeleteAlso those two are undisciplined because you gave them to big stop loss or?
Wish you good trading..
Hey FX - I didn't close the trade sooner bc I'm going for at least 15 pips on a trade. Of course sometimes I fall short of this goal depending on market conditions & my personal trading psychology. On that particular trade I thought I might have caught a really good entry on a push down to 1.3905 so I was willing to let it come the way back to my stop (and it did) oh well! lol.
ReplyDeleteI have a 5 pip stop-loss automatically placed for me when a trade triggers. It's becoming a rare that a stop-loss is more than 5 pips.
The reason those two trades are undisciplined is for 2 reasons. First being that visually by looking at the chart you can see I need to be cautious because the trades are immediately after strong pushes downward. Second, is that on the 5 second chart I didn't wait for a well defined mini triangle or wedge pattern to be created before I placed the order. If you look at the 5 second min/max chart I posted yesterday evening you can see I didn't place my order on the 5 second chart until; Price came up established a high.. went back down & came back up but didn't break the high.. and then went back down but didn't break the low. I combine this miniature signal from the 5 sec chart with the general structure and direction of the higher time frames to get my entries.
Once I'm in a trade I'm looking to move my stop to BE fairly quickly and then see if I can catch a 15+ pip ride.
Thanks on explanation. I like your strategy for entry via 5sec chart, that's well thought out process.
ReplyDelete