Positive Day

A nice start to the week today despite me starting with a customary Monday morning GU loss. I was a little hesitant to enter GU on a long trade given my entry was right on the close on the last candle on Friday, 1,5200 had proven strong resistance slightly earlier in the evening also. I entered none the less and quickly watch the trade go in completely the wrong direction and I couldn’t help but smile. I’m keeping accurate notes of these trades with mechanical entries where I strongly dislike the entry for various reasons. So far I’d of saved quite a few pips if avoiding them.  It’s always a fine line when trading mechanical systems, you either follow them or deviate and that is a dangerous game as you can begin to miss several trades. Anyway, I ended shorting GU for a nice win but I also had two other signals to short it but didn’t take them as I wasn’t keen on tripling my risk on the down move. I had the opportunity for a very good entry on one of them but declined it and in hindsight I should have taken it given the risk:reward on offer.

I need to build from here and start making some gains that I thought were possible at the start of the year. It’s way too early to be getting excited but I am very happy with the recovery so far. I’m taking one day at a time and it seems to be working so I’ll try to continue along this path for the time being.

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    • stevetrade
    • March 17th, 2010

    John,
    It’s good to see you getting back to your old trading success. Long may it continue!
    Steve

  1. Thanks for that, Steve. Best of luck with CIM 4.0

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