Tuesday, April 21, 2009

GBP- 12:47ET Emotions & Discipline.

Absolutely messed up a brilliant scalp opportunity in the GBP/USD pair. Of the 33 tick move I should have taken 25-29....emotional (hence late) entry at 1.46820 (after watching it pop higher than my targeted entry by 6 ticks...1.46900 was the high) with my head screwed on I would take that better entry, given that it was within the boundaries of the pattern. Instead I hesitated and stumbled in late.

Then the exit. Had 1.46670 in mind as the first minor support (game plan was to go for scalp targets given previous action and profits that I'm giving back too frequently) but I waited to see if it'd go further- it popped back up and took out my trailing stop at 1.46790 with some slippage for a 3 tick gain

In the past, if the correct exit didn't cover prior losses, I may have hesitated as I did today. But today, I can't even use that as an excuse...lol.

emotional trading=slip in discipline=loose entry + loose exit=blunted edge!

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