The chart explains it all. Those consecutive errors just after midday cost me between 11 and 17 net pips. The long from xx892 could have been held for 4 more pips too. The last trade had to be taken off due to the close. Currently waiting to be filled @ xx901 but already had two chances to get in there.
Not a good day at all.
(Incidentally, Hurricane Sandy seems to have had an effect on Eur/Usd).
UPDATE!
2 comments:
Not too sure on your second trade (-5.9) - multiple lower highs pushing down after a precipitous drop. Would be a bit risky for me, especially considering the distance from the previous low before 10.00. An indecision point with price likely to go down as well as up.
I do like your second trade, though. Quite nice price action, with a higher low after PA fails to reach previous lows. Good potential for a decent gain when PA goes your way. Another possible long when price spikes down just before 16.00 but doesn't reach the previous lows?
Hindsight trading is always 20/20!
Really enjoy your blog. Keep it up!
A comment! lol.
Agreed with your reasoning with regards to the lower highs- that's why the first attempt was better...higher highs and higher lows established along with favourable "pace" within the move down into that missed trade as compared to the prior mini sell-off.
Hopefully, 20/20 hindsight can help us improve our foresight though!
Thanks for following along!!
MM
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