End of the week recap

Modest week producing +110pips has ended. Today I have executed three trades generating the total of +27pips. One trade was in GBPUSD and was pretty smooth. The other trade was in EURUSD and wasn’t that smooth :). In this second trade I made a mistake and exited earlier. Something what happened already twice this week. This premature exit is usually based on less technical picture and is usually more emotional. I have been observing this pattern for a while and I have noticed that I am becoming more emotional during my last trading session of the day and especially of the week. Seems like I want to take the most out of the week. I am aware of it and I am definitely working on erasing this emotional pattern and there is definitely some progress since the old times where I exited in worst possible time and run away. Last week it wasn’t a problem but this week it happened already twice. I guess different states of mind coming into play incorporated with bad sleep which I have experienced on both days when this pattern occurred. Here is the trade:

Another trade I would like to discuss happened on Wednesday. It was a loss of -16pips. Quite severe loss in compare to my average losses which usually are between 5 – 10pips(on VFI strategy). Anyway, it happened and looking back there was a point where I could spot that I am on the wrong side of the trade. It wasn’t clear (that’s why I didn’t exit) but it was there. What happened was that I entered on higher volume but on a weak support level which didn’t bring any momentum to my trade. And after the entry it started to jump in a range. Generally I have a rule that if it bounces twice and doesn’t carry on in my direction it is time to exit. Well it did bounce twice and it didn’t carry on but to me the price action was telling me that there is a lot of pressure. Unfortunately the move turned around against quickly and by the time I realize it, it was too late. Wuala:

Last trade I would like to share with you was CADJPY trade. This trade was part of my TrendTrace sub account and produced +37pips. This trade is one of the classical examples when there is a huge price spike (usually some form of announcement) followed by continuation and retrace. During this time of retracement I am looking for a position where to enter. I also set targets where this retracement has to go and how far it can’t go so I have a range for maneuvering and appropriate entry putting. After the entry going LONG the chart has produced one strong bearish candle which was a bit confusing but I kept the position open and tighten my stop loss. After that the trend went back to normal and hit my profit target:

And just a few thoughts for what I might trade if there is a good setup for it: