Tue Oct21 – trading summary

Another trading day completed.  It was a mixed day.  Started with a nice BULLISH trade on the DAX.  i know – it’s hard to believe after I have been shorting it for three weeks straight.  However  the sentiment seems to have turned somewhat.  I do find that the round 100 levels on the DAX cash market are good to work with.  This trade went into profit very quickly and quickly rallied up some 35 points – I tightened the stop, was unfortunately stopped out for +10 before price went on to hit 8800 and kept going.  That said the 8800 was hit thanks to unscheduled ECB sources comments (which also weakened EUR across the board).

dax

The other questionable point on this trade was whether the initial stop of 35 points needed to be that big.

The rest of the day was a number of small losing and scratch trades – including two attempts on Cable, as well as Oil and one more DAX.  The net result for the day was a loss of 0.95R.  I also had a long lunch with two friends who have also spent considerable time on learning how to trade and have been placing a large number of trades.  We discussed a lot of the intricacies for several hours – thanks guys!!

Right, I better head off to catch Zak’s trading cafe!!

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4 Responses to Tue Oct21 – trading summary

  1. Jerome says:

    Keep up the good work George and thank you for all your input today. It was a very productive day for me, lots of different ideas to think about.

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  2. James says:

    i think your trailing stop is too tight. How about keeping it a couple of points under the red EMA??? something to test??

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  3. James says:

    i say this because your EMA strategy looks more like a short-term trend strategy than shooting for targets, you ride it out or at least go for bigger targets. if you only have a 10 point stop you’re never going to ride out your winners.

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    • Thanks for your thoughts on this one James! The position-management aspect is what I am spending most of my time fretting about at the moment. I have become fairly comfortable with the entry execution, but not so much with the position management. Yes, it is definitely a short-term trend-following strategy.

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