Took this Put tonight. The longer term trend was down although the short term trend was heading up.
I wasn't convinced that there was enough strength in the upwards rally and thought this might make its way
back to my support line and the downtrend line. Messed up here. I normally wait for price to bounce off
a significant S&R line but didn't in this case and got burnt.
hmmm... did you take a put on an oversold Stochastic?
Also you entered when price had already fell from the resistance
for about 8-9 minutes, making both RSI and Stoch almost oversold.
If you are doing short term you better enter at the very top when price is overbought already (in this case)
I just uploaded a vide of a trade I took today, that might help explain something when doing short expiries, check it out!
OptionHeimer: I am become debt, destroyer of accounts!
The last of my trades so far this evening is this NZDJPY call. Price is once again moving up. It pushed through three resistance lines I drew. One of them is a blue
line which is a monthly supp/resistance line and therefore is a significant historical price point. I waited for price to pass through the last resistance line to confirm
I took another NZDJPY call tonight. This is my 4th trade for the night and the most I've done in a night since I
started Demo trading. Before I met this community I was out there making 30 plus blind trades a day, all the while convincing myself
I was going great and would become an overnight success.
Since slowing down a lot, and taking the time to actually look ( reasonably ) carefully at a chart, slowly but surely, I feel I'm at
least gaining a basic grasp on technical and fundamental analysis. Bots school was a Godsend for me. I would still be lost in space if it
wasn't for CommuniTraders and Bot school.
I lost trade. It was an 11 minute Expiry and in hindsight, the expiry period wasn't long enough.
This is my last trade for the night. Need to catch up on some sleep. I've spent a number of late nights in front of the computer and often make tired decisions.
I was fortunate enough to get home early today. My wife was recently made redundant and was on hand to handle our three young sons. I coach an Under 13 Rugby League team and we have the next two weeks off for school holidays so no training's. This is why I made most of today's trades in our local markets.
Even though I lost the 11 minute expiry,I was still convinced that the NZDJPY was still moving up and the main factor that I got wrong was the expiry. I decided to take a 40 minute expiry which luckily came ITM
Last edited by Mike M; 06-21-2016 at 09:29 PM.
"Great Googely Moogely" ... Frank Zappa
I had a slow day at work today so I had a opportunity place a couple of trades.
I have been working the SimpBalSys Strat for a while now and today I wanted to see how
this strat would work in a ranging market. My instincts told me its probably not a good idea
but I thought, what harm could it do.
I lost the first one and broke even on the second. I waited for price to rebound off my resistance
line and thought price could move back to my support line.
On my HILow demo screen shot there is a reference to a winning EURJPY trade which was an
accident and a lesson on looking carefully before I push the execute trade button.
Last edited by Mike M; 06-23-2016 at 04:19 AM.