Posts Tagged breakout trading
Well, this is when you start to doubt your system... I started off trading this morning breakout strategy with some amazing success but this last week... couple with my own stupid mistakes of not following the system have really bashed my confidence in the system that I have been trading these last couple of weeks.
The morning breakout happened to the downside.. a short at 15321, with the usual 30 pip target and SL at the other end of the channel (60 pips in this case).
The short proved to
April 25, 2010
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I've heard that you don't do yourself any favours if you think too much about a position when trading. In fact, there was something that the more academic a person is, the more they have to justify their decision before making the trade.. in the fast move world of trading, by the time your neurons have worked out what to do, the market has already moved and along that, the opportunity.
My trade set up today was a long if the GBPUSD went above 15287. The usual limit with this breakout trade is
April 9, 2010
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I put on the same trade this morning, shorted the breakout which was the same trade that I'd put on the last two days. The last two days I had got stopped out on both occasions only to find that the trades would have been successful.
Anyway, today, it went right... I had targetted 60 pips but when the market bounced around this level (and didn't hit my limit price).. I got a little edgy and took the price on the bounc at 15165 for 45 pips. However, just a few minutes later, the market breache
April 8, 2010
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