Friday, October 12, 2007

October 12th - afternoon

I start the afternoon with a scratched sleepers trade

GE reporting I see the FTSE at 6725 and think to myself...You should take that one long...It's 1pm, you don't trade the lunch period...let's take a look at Marketwatch...yes the numbers are not bad...hey the FTSE is at 28, now 29, now 30

Long 32

Globetrader_28

Exit 32.5 for 1 tick...this is exactly the kind of trade I want to avoid!!!

Globetrader_29

Watching now for a correct entry

Long 25

Globetrader_30

Looked like a possible support...but wasn't ...about to be stopped on high selling volume suddenly coming in. Strange FTSE the only one affected, other european indices staying put or slowly trading up. Bad luck. Only thing to say is, that I should have exited earlier when I saw the high selling volume coming in, which brought the FTSE downto 20

I have to take a break

Long 32 exit 32.5 and a bottom at 15 in between

Globetrader_33

That move went to 41 in the end. I thought about waiting and staying in, but I have to go now and did not want the trade to remain open

2 comments:

Currency Trading said...

Hi,

Well I guess that's another one to chalk up to "experience".

The main thing is to recognize the signs next time it happens and take the right course of action in order to get the highest financial return for your time spent watching the market moves.

You can't win them all - but you can learn the lesson and be better equiped for "next time".


Stephen Todd
TraderCurrencies.com

Globetrader said...

Hi Stephen,
you absolutly right. And it's also about recognising the patterns which fail more often than win. Sure you will leave a nice breakout trade on the table now and then, but flat tops or bottoms don't break easily.
Having this blog as reference I hope to learn that lesson finally.

Chris