Olby's Journal

[Fetor]

Originally Posted by Olby

Break of 2.0500 GBP/CHF

Closed out +28 pips.

I'm annoyed that I cut this one 10 pips before my target. Target was hit minutes later.

I bawk bawked as Fetor might say.

Reason being that we were 200 pips from the pre-news price and it had stalled just South of the line.

Still. On target for the week.

lol....I bawk bawk trade at least once a day. Keeps you sober.

[Olby]

Scalptrade at 205.51

Closed out at break even. 0 pips.

If only I'd held a couple more minutes.....

Still better than a loss. On to the next one.

On a separate note. I'm trialing a different method and will be posting the results at the end of September.

[Olby]

Right, this is embarrassing. But I've got a public journal. So I've made my own bed.

S&R Break 201.79

+5 pips.

How could I screw it up? The news move made me a bit nervy about the trade and we were half an hour off the back of that. Also the line being rubbed over in the night, that didn't help. So I hesitated, got a little more put off by the pullback off the line. After I saw it take off I unwisely(imo) decided to use an old, old scalp line at 210.50. Then I thought: It's too old and even further from the pre-news price. Confidence evaporated. Trade over.

I keep telling myself: you're still learning. Today it doesn't help.

I will get there. Even if it takes a while.

[NickB]

Never use old scalps man, you should have entered on the previous low created by the candle earlier in the day. Also man the news was minor GBP stuff I wouldnt bother caring about that report as its coming out let alone 30 min later.

Good thing is you closed with profit...

[Olby]

Cheers Nick. Lesson learned.

I am a bit too cautious of news and the old scalp I knew was a shaky idea at the time. (It was the big move from the German Euro news that fussed me btw, not the mortgage approvals). News and trades outside of London session are my two biggest bugbears.

I'm getting close to finding my way with it. I can smell it I'm that close.

And yeah, closing in profit is just as well. A loss on that one would have p*ssed me right off.

It's a trade I can analyze and learn from.

Ta.

[rogan]

Keep at it Olby, ur doing great mate.

[Olby]

Ta Rogan,

No question of not keeping at it.

Trading is what I'm born to do. I'll be tearing it up a year from now.

[Olby]

Right. First Loss on the Journal. Boo, Hiss.

Relevant to my earlier journal entry: because I got wiped out by news.

GBP/CHF Short scalp 2.0243 -35 pips.

Was 15 pips down at the time of news and I held with a stop. Over and out with an 80 pip swing from the candles before price went back to where it was. Holding over the news without stops probably not for me just yet.

I will overcome.

[Olby]

I'm done for the month. Off for a holiday in sunny France.

August Pip Total: +75

Against a monthly target of 250 that's not pretty. No salary in August.

On the plus side I can honestly say that this month (through observation) I have learned more about price action than at any time since I started trading in February. I am very confident that things are falling into place. I'm understanding candle patterns a lot lot better. Locking my analysis against opening price was introduced in August and it's the best thing I've done all year.

It would feel good to have more pips up but the more I nail the understanding the easier the execution of trades will be. Where I want to be will follow.

I've a few tweaks to make but confidence is good and I'm looking forward to getting back to it on my return.

A quick thanks to Nick for the site, webinars & chat room. Much appreciated.

Have good trading all.

[rogan]

Have a good holiday Olby, speak soon.