17/4 – two winning trades netting 2.9R

Just two trades this morning.  I had also looked closely at EURUSD and EURJPY. No wildcard instrument today.  I did a lot of prep work as planned and then watched carefully.  Couldn’t turn out much more nicely I guess (although I did miss out on the DAX hitting the initially intended target).

261 dax Apr17

P.S. I have just noticed that the large red candle was the start of a drop from 11,980 to 11,810 – a move of 180 points in twenty minutes!

262 Cable Apr17

Two thoughts:

  • Scalping on winning positions.  If my DAX position is in profit and it looks like it will keep yo-yo-ing why not close after a push-down, wait for a retrace and then re-open the position.  I had moved my stop to 12,005.  At 11,965 I thus had 30 pips to my stop.  I could close out there, if price plummets then yes I miss out on the difference between 11,965 and my target of 11,948.  But if price rallies back to 11,980 and I sell again (with the stop of 12,005) then I have reduced my risk by 15 pips, or will end up making an additional 15 pips if price eventually goes to the target.
  • When I am winning I notice that I tighten up and am reluctant to take more trades so as to not turn a winning session into a losing one. When I am losing I get looser in the hope/plan to turn a losing session into a winning one.  Maybe it would be right to suggest that when I am winning I should push myself a little harder (without loosening setup quality), and when I am losing then i should tighten up and be more reluctant to enter into trades.  As it is I am/have been doing the opposite.

Am just off to lunch before doing a futures trading session.  So this was just a quick update – catch you again on Monday.

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