Old Habits Die hard

Or…not at all. I fell back into my old way’s today.  The itchy trigger finger needed to be scratched and I was weak.

The first trade was well thought out.  My order was hit @ 2790 and continued to 2721 but then sharply reversed and eventually hit my TS @ 2828 for a loss of 38 pips.  This is usually not a big deal, I wait for price to move 50 pips away from my stop and then place an AH, however, it didn’t and i decided to try to outsmart the market.

This is where it gets ugly.  I placed an ill thought out short @ 2825 (trying to regain my losses) and watched the bars move to my stop like they where magnetically attracted. This position was stopped out @ 2903 for a loss of 78 pips.  A total of – 116 pips today.  This hurts, so much so I think I’ll take tomorrow off from thinking about trading and see what Monday holds.

Have a great weekend. See you all on Monday.

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4 thoughts on “Old Habits Die hard

  1. Thanks Jon – not sure if I already replied (it’s been that kinda week) but I did recoup my losses from Thursday with a long in GPB/JPY (which I never do, but I saw some things and took it) with a 265 pip gain overnight. I know you too where long there, how did it turn out, you still riding it up? See you on Monday…

  2. I’m afraid I didn’t do as well as you on my GBP/JPY long. I had a longer-term perspective, and the pair moved in my favor enough for me to move my stop to just over breakeven, but I was then stopped out on the gap down over the weekend. At least I didn’t lose anything on the trade, though – preservation of capital is key!

    Congrats on your success, though. 265 pips overnight is a nice win!

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