Best Worst Trades this Week

Published on Friday February 17th, 2012 at 11:29PM by Brad

I made a couple of fairly good trades this week on my high risk practice account.  I made one of them on my other account.  I could have made both on both accounts.  On my high risk practice account, I made a couple of other trades that I decided to exit pretty quick, because I thought that I had entered without provocation.  These trades didn't really have the multi-timeframe technical backup.  When I entered I thought they obeyed my system and how I am trading, but shortly after entering, I saw that I was wrong.  So, these trades were not good trades, even though I didn't take a loss on either.  My two good trades were entered on solid technical backup from my system.  The first one was a sell in EurUsd on 2/13.  It was from resistance.  It appeared to be forming a classic head and shoulders on H4.  Also, there was a nice breakout on the faster timeframe.  I didn't hold to the original TP I had set.  I was feeling as though the trade was a little counter trend, so I exited early, and the price eventually went to my original TP.  I believed that it was the right decision though.  Often times, people question themselves all the time, and doesn't it seem like it would be a little greedy of me to always be questioning myself on this kind of thing.  It looked like the move was weakening, and so I exited.  And it was weakening.  I just went quite a bit further before it died.  The other one was yesterday.  A EurUsd buy.  This one also was a solid trade according to plan.  It had multi-timeframe backup.  It had actually broken to the lower side out of a downward channel pattern in H4.  The move was weakening.  It broke out to the top side in the faster time from a little after the market session start.  I was surprised at how fast this moved.  It went to my take profit in about 3 hours.  I thought probably some interesting fundamental event must have occurred.  This morning a breakout did occur on NzdUsd to the down side.  Seems like also, this has more probability of being a continuation maybe next week.  It doesn't look like it currently has good down side strength.  Of course, the sentiment could change by next week. EurUsd appears to be ranging.  It didn't seem like a very good trading environment to trade in and there really was no valid technical setups.  If I don't trade early on Friday, trading later stops making sense.  The market usually dies by about 10.  The floor traders all go to lunch and never come back.  Usually, anyway.  So, that is it for me for the week.  

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