Result: Doh!
Did not manage the trade well. Price did the intermediate stop that I predicted and I did not scale out, thus eventually got out with only 18pips profit.
Tuesday, November 24, 2009
2009-11-23 EURUSD Live Trade
This trade do not have any confirmation yet. Lower probability but small risk, good rewards. Will still have to manage the trade til the confirmation comes
Result: Doh!
Did not manage the trade well. Price did the intermediate stop that I predicted and I did not scale out, thus eventually got out with only 18pips profit.
Result: Doh!
Did not manage the trade well. Price did the intermediate stop that I predicted and I did not scale out, thus eventually got out with only 18pips profit.
Subscribe to:
Post Comments (Atom)
4 comments:
Hi Eric,
Good day !!
A question from me, why do you think EURUSD eventually will go down. I am just try to align my thinking to your frequency.
Cheers mate.
Ricky
Hi Ricky,
Sorry, I was out whole day with another trader having coffee.
You have a good question, but it takes more than words to tell you the answer. Think along the concept of SR. It's like building's levels of floors. My road map shows that I am on a high floor where price is at the ceiling, and the floor is quite low, so there is a good potential that it will reach the floor. Of course, I have to manage the trade along the way and get my confirmation when it reaches each milestone.
Cheers,
Eric
Hi Eric,
Thanks for the explanation.
I believe the market will decide whether the price is UP or DOWN.
When it hover around the S/R Zone/Line, I will wait for the breakout on up or down.
In your analysis of this pair, i see that the price did not break the resistance and went down. Forgive me for asking this question, i cannot figure out why are you so optmistic/daring that the price will go down to your target price of -120 pips.
Is it just becos price should be ranging within the S / R zone and fall back to the previous low support zone.
Hey, i would like to drink coffee with your guys when i am back in Singapore.
Many Thanks
Cheers
Ricky
Hi Ricky,
It's not a matter of optimistic. Trading is all about probabilities. Though I predicted (guessed with information) that the price may reach the bottom, I still need to manage the trade according to market reaction, which for this trade I fail to. Partly because I am on my new 300pips cycle, so a bit of a greedy, hoping to hit a bigger one. In short, greed. lol... But minimum I did turn a winning trade into a losing one.
cheers,
Eric
Post a Comment