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...