Missed the Money train...
Oh man, this was a terrible week in a good way. It wasn't terrible because I had a huge loss, but I missed a great opportunity which would have netted me 300 pips. I was playing the GBP JPY and went short at 215.20 with 3 minis with a stop at 215.80 and target of 214.20. It was very likely based on my analysis that the pair was heading south. I set myself a 100 pip profit limit and waited for the big drop. My plan was to take 2 lots out at 100 pips and let the the 3rd ride.
The entry couldn't have been more perfect. The price was hovering around 215.00 and I didn't want to enter at that price. Usually I have seen on this pair that when price hovers around a price level before it moves on there is a small upspike/downspike in the opposite direction. Since the price had been hanging around around 215 for while, I entered an sell order at 215.20. If there was an upsurge before the price bottoming then I would have a better price. Well guess what, the price did spike upto 215.35 and I got in at 215.20. The price dawdled around 215 again for a while and finally broke through.
Everthing was looking good and the pair was dropping down nicely and heading towards my target. I moved my stop to break even point. When the pair had dropped had dropped down 40 pips I moved my stop to 216.10. Then when it moved down further to 215.50, I moved stop to 215.00.
Did I do anything wrong by moving my stops? Did I move them too early? I don't think I did anything wrong by moving my stops. The cardinal rule is never to let a Winner turn into a Loser. With everything going my way I went for a good sleep. Well the price dropped all the way to 215.33 and reversed. It stopped at 215.94 before heading down. But because of the huge 9 pip spread my stop order was hit and executed taking me out with a net 60 pip profit. The money train left me because of a lousy 3 pips.
The pair then happily moved down into 213 territory. Initially I felt very bad and upset in the morning when I realised that I had missed the killing move. At one point in time I had a net 220 pips on paper. I was cussing myself for having moved my stop too early.
But after everything sank in, I realized that I had lost nothing, infact I had 60 pips in the bag. What was I crying about then? Yes, I had missed the 100 pip move which would have netted me 300 pips. I had missed a big opportunity today, but there will always be numerous opportunites around every corner. I just have to wait for another one. I have to stop crying over my spilt milk and move on. I have come to value these great lessons taught by the market.
Apart from this I had 2 more trades for the week one with a 60 pip profit on the EURJPY and another with a 120 pip loss. So overall, I'm still at the same place for the month with 200 pips profit.
The entry couldn't have been more perfect. The price was hovering around 215.00 and I didn't want to enter at that price. Usually I have seen on this pair that when price hovers around a price level before it moves on there is a small upspike/downspike in the opposite direction. Since the price had been hanging around around 215 for while, I entered an sell order at 215.20. If there was an upsurge before the price bottoming then I would have a better price. Well guess what, the price did spike upto 215.35 and I got in at 215.20. The price dawdled around 215 again for a while and finally broke through.
Everthing was looking good and the pair was dropping down nicely and heading towards my target. I moved my stop to break even point. When the pair had dropped had dropped down 40 pips I moved my stop to 216.10. Then when it moved down further to 215.50, I moved stop to 215.00.
Did I do anything wrong by moving my stops? Did I move them too early? I don't think I did anything wrong by moving my stops. The cardinal rule is never to let a Winner turn into a Loser. With everything going my way I went for a good sleep. Well the price dropped all the way to 215.33 and reversed. It stopped at 215.94 before heading down. But because of the huge 9 pip spread my stop order was hit and executed taking me out with a net 60 pip profit. The money train left me because of a lousy 3 pips.
The pair then happily moved down into 213 territory. Initially I felt very bad and upset in the morning when I realised that I had missed the killing move. At one point in time I had a net 220 pips on paper. I was cussing myself for having moved my stop too early.
But after everything sank in, I realized that I had lost nothing, infact I had 60 pips in the bag. What was I crying about then? Yes, I had missed the 100 pip move which would have netted me 300 pips. I had missed a big opportunity today, but there will always be numerous opportunites around every corner. I just have to wait for another one. I have to stop crying over my spilt milk and move on. I have come to value these great lessons taught by the market.
Apart from this I had 2 more trades for the week one with a 60 pip profit on the EURJPY and another with a 120 pip loss. So overall, I'm still at the same place for the month with 200 pips profit.
posted by Kilaxi at 10:22 AM
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