I hope you are all well and had a good morning trading. I have decided to put my blog together in the afternoon today so that I can take into account the Oil breakout trade I do in the afternoons.
So I will start with this mornings trade, which I might add is a good place to start. You may or may not be aware that for the morning breakout I normally set a limit of 12 points.
Cable Breakout 31/03
So then I was off taking the girls to school and missed a whole load of fun around 08:30 - 09:00 GMT. Oh well 12 points are in the bag.
I was thinking around lunchtime, why would you ever let a winning trade turn into a loser, or not have a systematic way of taking profits, if you weren't convinced the market was going your way indefinitely? Why would you hesitate to take a trade or not put it on at all, unless you were conviced that it was a loser when the market was at your original entry point? Why would you break your money management rules by trading too large a position relative to your equity or emotional tolerance to sustain a loss, if you weren't positive that you had a sure thing? and why would you, because you know that anything can happen when you are trading and you have your strategy. Your strategy has as many indicators that you need to help tell you when to enter the trade and when to exit.
Well it was pick up the girls from school time and then to the Wednesday Oil breakout trade. Very interesting trade this afternoon. There were quite a few significant levels to get to grips with. I had 2 OTO's (Orders to Open) placed, one long and yes the other short. I cancelled the long OTO, I was not convinced that the trade would go long, call it gut feeling or intuition. I left the OTO short and when the market changed it did with vengence and I was very soon triggered in, thankfully I was never out of profit and was very soon 20 points to the good.
Although I was very pleased with my analysis of the market and the execution of the trade, a lot of my friends were all triggered long around 8347 and lost around 50+ points each.
Here is to another day
To Your Trading Success.
The Investor Guru
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