I've already gone into the reasons why I think this week was unprofitable.  The main reason was due to my exit of profitable positions before my limits were triggered.  I exited many positions this week just to take the quick profit however small it was.  I noticed afterwards that these positions would have moved more in my favor if I had not exited early. 

I made a total of 19 trades this week, winning 10 and losing 9.  My average trade profited by 32.1 pips which if you take into consideration I'm trading 3 lots, it's really only about 10 pips per trade.  That is not good.  My average losing trade was 54 pips or 18 pips per lot.

I lost a total of $1827 this week bringing my 13 week total to +5519.  So I am still in the black but if you average my total profit over 13 weeks, it's only about $425 a week.  

So I have work to do this weekend.  I need to develop a more systematic approach to entry and exits.  I don't have a true trading plan and a lot of my setups are random and sometimes come from feeling.   This will be a work in progress.

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No. 1 :

GBP has been above Ichimoku Cloud since 3/2(hrly). Trending up since 2/28 (below Cloud at that time), approx. 200 pip move. Currently above double top created 3/03 & 3/05 (7585), trading @ 7593.

Suggestions for setup and trigger? :(

Submitted by Greg Wilson • 2006-03-05 20:49:46

No. 2 :

Answer, I would think: Buy on the dip.:)

Submitted by Greg Wilson • 2006-03-06 07:46:05

No. 3 :

"buy on dip" should read "buy on retracement." A dip is a valley area as price stairs-steps up; retracement is return to previous lows.:(

Submitted by Greg Wilson • 2006-03-06 23:36:30

No. 4 :

Hi Rich. Sorry about the rough week. Have considered working with a professional trader, i.e. mentor? :)

Submitted by Greg Wilson • 2006-09-18 10:09:18

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