Beating Alpha

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Past few trades – weekend missery and monday luck

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In last two weeks I have presented a EURUSD fade trade. Two weeks ago I have decided to fade 2615's. Unfortunately it was just before the weekend where the bailout for SPANISH banks were decided. OOPS, on Friday afternoon I was +2.5R, by the open I was out with the -0.5R loss. Exactly the same scenario last week, I decided to fade EURJPY at 100.28. Again, the trade reached 2.5R by the Friday afternoon only to find out my position in red by the open -0.3R overall. Of course it is only and only my fault because I have not followed the news lately and worked on these trades kind of remotely – so I did not do my homework on fundamental announcements. A mistake which cost me +5R in possible profit and -0.8R in real profits.

With all that "disappointment" I came this morning to my screen only to see a possible fade in EURJPY. Several times tested TOP, perfect LONGER TERM resistance, good price action creating with LH's and still unfilled gap from the Sunday opening were just the right signals to place two fade orders. It was kinda riskier {average was approx 15pips}. For the rest, follow the image below. I just happened to be together a +14R trades. What a nice way to end the frustration from past two trades.
Good trades, neext.

Lesson learnt:
1] get your homework on news releases done everyday – weekend or not weekend
2] if there is coming a big announcement over the weekend and your position is open – reduce size or exit the trade before the start of the weekend
3] do no trade out of rage

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