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whew, where to start:
- as I said last night, bearish short-term invalidated so current trade is long EURUSD tonight, looking for previous high at 1.3750-ish to fall, and then up to the 161.8% which I make to be near 1.3840 (!!!) Will be actively trading (!) based primarily on RSI which is holding above 60 nicely on 1 and 4hr charts.
- it is lovely to hear the feedback. I started outlining these trades in more detail a week or two ago, as I said at the time if I can't explain it, it's probably more like gambling, so I need to post all the juicy details... So all feedback welcomed with open arms ! I am working on a standard 'template' for these posts, with evidence for and against the trade...
eg, in hindsight I actually posted a chart above that shows a beautiful bounce off the 50% fib, but I ignored it because my mindset was down, not up. Need to take both sides into account more.
- The 'shizzle' is my downfall too, wink, and I think that you are right in saying 'active' trading and 'planned' trading probably don't go together. My tendency is to say "I'll just stretch my stops a few more pips, maybe it will turn around" etc - never a good move. So knowing that, getting away from the computer, leaving it be, probably a good move.
Of course, always room for the active trading, under different circumstances - but if we know thy enemy...
Agree with the multi-contract idea, and I do something similar - for instance lining limit orders at fib targets, perhaps only 1 or 2 will be hit, perhaps all of them; always with defined stops usually at the same point, which means the trade is invalid (like last night). I agree deliriou5, stops tell you that you are wrong and they save your money for the next trade...
:)
