Wednesday, December 19, 2007
1st trade on fx
entered on dec 18 @ 2045 hoursMistake:
1) SAR is at bottom
2) There is no indication i should have went into trade at all.
3) Though it seems like its going to go down, i should have used the 2nd candle on the daily chart to go in, instead of banking on the master one.
4) The SMA 6 did not cross the SMA 23
5) It was banking more on gambling rather than TA.
6) Fibo shows nothing.
7) Market Opening and Closing time.
These are hell lots of reason not to trade leh...
What i Didnt know (poggified):
1) For daily scalping, need to change to 15M, and H1.
2) Not familiar with Candle patterns.
3) Not sure how to place S/L and T/P
4) Market Opening and Closing
Why i won this trade (FTW):
1) Luck.
2) (RTTNews) - In the early deals on Wednesday, the US dollar staged a sharp surge against its major counterparts. At about 2:05 am ET, the dollar fetched 1.4388 against the euro, 2.0092 versus the sterling and 1.1553 against the franc.
3) I realised my mistake and change to the respective charts.
4) Woke up and found SAR bot, SMA6 cross SMA 23
5) Nice big Bear Candle.
i stayed in the trade and see if i could hit the 50pips gains....
the longer i stayed, the more i see fibo forming. with indicators all running smoothly... this is getting more and more exhilirating. its the thrill of watching your studies and prediction coming into place!
END RESULT
wanna show pics and charts. but this layout sucks and i got no photoshop...
profits: USD448(50 pips)
Trade Rating : 1/5
Learnings : 4/5
Maybe i should set another blog for my trading journal....
aLoY walked on the sunny side.
3:20 PM.
3:20 PM.