Monday, February 28, 2005

Breakeven + 1 Tick Stop

2 breakeven plus 1 tick trades

My new swing trader career is strating like the other ended, with a lot of breakeven trades.
I'm restless here, I did not take the 5 ticks on Dax to end with BE+1, trying to reenter, but no entry forthcoming, instead it now mockingly trades near the highs, showing me how many ticks I missed.
Back to Euro, no entry as we trade below the 50% retracement level, but Yen.
Sure it's at the highs, but it's holding great, so yes I take the long.
2sec later, yen drops together with Euro. Euro 10 Yen 7
I'm still long, seems to be a fake, a test of new lows.
Did not press the trigger on Euro as I thought Chris, you'r already short the USD, wait before you commit 2 contracts on the same side.
Euro recovers, Yen recovers, making new highs on Yen.
Stop to BE+1, don't want to be caught again.
Hit and out.

And back to waiting, looking for a trade.

Dax making new lows...maybe a long at the open? Still HSI sold off into the close and these Hongkong traders often get it right.
I will wait. The target for the short trade is still 8 points away, I think I will wait until Dax ran it's course before committing again.

Yen, yes Yen is making a new high right now, without me of course.

This Breakeven + 1 Stop is sure costing me...

1 comment:

David_UK said...

Hi croc,

I just read your new Blog and would like to send you my very best wishes in this your newest endeavour.

Someone wrote recently somewhere that if one doesnt watch out one can easily spend all ones time simply reading blogs ... now that may well be true of most blogs, but I am sure that the content of your Blog will be not only interesting but also worth reading ... so I have placed your URL on my list of 'favourites'.

All the best,

David