Tuesday, November 13, 2007

Difficult

I made 3 Breakeven (+1) trades this morning and missed very clear and good signals, I did not take for various reasons. Now I'm sitting here and pondering what to do...I have to admit...thinking how I can "make back" these missed profits. A most dangerous feeling and usually leading to impulsive trading by jumping into trades with little or no reason at all.

Let's look at the trades first:

Long FTSE 6330.5 near the open, Stopped when the FTSE reversed from 6335.5 to 6331.5 before trading to 6340. There was downside pressure at the open and the FTSE made a low at 6303.5 later.

Globetrader_63

Watched the FTSE for a reentry, but couldn't commit after the low was in at 6303.5, as the downspikes still were coming quite fast.

Still this break of the 50% downtrend line was a clear long signal, which on any oscillator would have shown up as an inverted H&S pattern.

Globetrader_71

But I wasn't sure at the time and took a Gold long instead, which was trading less volatile. I posted that trade and the trade brought me a tick only as Gold was in a consolidation trading in the 803 to 806 range marked on this chart.

Globetrader_72

While I was in Gold I noticed the AUD/USD breaking up and also saw the CAD/USD still holding it's small trading range at 1.0402

Globetrader_73

Globetrader_74

I decided against taking the AUD/USD trade because it had spiked already and I don't like chasing trades.

I decided against the CAD/USD trade because I had to focus on Gold and did not want 2 trades requiring my attention open.

Missed huge trades that way

Globetrader_75

Last I took an Oil long at 93.84, did not exit at 93.94, but held. MAE was 93.72. After CL could not take out 93.90 on the 3rd attempt I put in the Stop at 93.85 and was taken out at that level.

Globetrader_76

All the while the FTSE made a huge run of more than 60 points

Globetrader_77

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