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GBPUSD thoughts

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Sitting on PAR. After the big deal!
You'd think if it was great for GBD it would be bad for EUR.
But then I guess when people analyse the actual deal they will make an assessment,
Then there will be the unforeseen consequences. Like people suddenly thinking OMG they are actually doing it, we thought they would wriggle out of it. 'Sell the pound' or maybe not.
You'd think the Italian thing would be rattling the EURO a little more than it is too.
It's falling apart.
 
WOW GBP what a ride , have I got a bedtime story to tell.
Where to start, after resetting my system and following my plan getting in near the higher low my first mistake was made. I only had half a position on because of earlier decision to reduce risk because of my poor performance and peter2 warning with increased volatility.
But any way my position went my way and i followed my plan closing it when indicated , my confidence was returning quickly and ME factor was starting to get involved. The chart was following my expectations and I re- entered the market with a full position as I did not have half a position to protect below. In walks Mr Revenge I started to believe I could get back to BE from the start of the week, I still followed my plan placing my stops to protect my two positions and watched the chart unfold perfectly.
Now as it moved near the top Mr greedy walked in nudging Mr Revenge why don't you add another position the market is going to blast through the high you can close position and be way in front he whispers. I added another position near top, next mistake if i still had a position down near low I wouldn't have added I would have just followed my plan and protected my risk. I left one position covered with small profit were I got back in and the other position I had been trailing my stop as per plan. Now with the latest position added three times I placed a stop and moved my other stop to were I knew they should be as per plan but ME factor was in control ( over confident) along with Mr greedy and I knew the high was going to be taken out so didn't want to be stopped out on small pull back, I was sitting on the edge of my seat ready to close my position as it would blast up to my target.
It blasted alright back down taking my stop out that I had left on because so far away and started jumping around wildly. After the shock risk management kicked in I had two positions on and one at top, now I saw that my low was in tack priced stopped and turned around right at 2920 a price I had mentioned earlier and also made double bottom. I new price could turn around just as fast and still take out the high so when it moved back above support my next mistake, I took two more positions. Now I was calm but I was not enjoying the ride I knew if it went pear shaped I would close my positions if my low was taken out I had the confidence and experience to know i would hit the close all button if i had to. Next mistake sort of price flew up to resistance I decided to take the two positions off make some profit to cover other two positions if it collapsed but before I could close the market was back to were I got in with them I place a stop to cover them but took it off as in for a penny in for a pound. So as expected I deep down I knew what was coming my low was taken out I hit the close button and was taken out of the positions, my small account instantly became half an account down but at least not out. As a trader I picked myself up and continued, I followed my plan, price had pulled back above and was setting up as a false breakout with support it closed above it gave me and entry signal which i took cautiously placing my stop below the low as per plan and went to bed my hands still shaking.

My account is small and I am prepared for it to blow up as I work through my methodology, but having skin in the game no matter how much still affects the ME factor which you cannot learn to control if only paper trading.
Oh and by the way the market did take the high out and I am still in with a nice profit :)

I will attach a chart for you to see just remember this is a 3minute chart to give you some idea (was using 3min) how quickly things were moving.
 
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Gday Will. I tried trading the 1min charts at first . couldnt think quick enough and the spread looks real wide on Spot Gold. Then went to 5min. Much better ,some time to think and PLAN. Now using mostly 15min and somtimes 5min. things move more at my pace . cheaper too as my lot sizes are smaller,but have to wait longer for results. This means only about 2-3 trades per night on gold . so gotta make them good ones!
 
I am realizing why day trading the shorter times frames is hard , not just the volatility aspect but the constant ME factor awareness and control.
 
Long US 500 at moment coming off higher lows, looking to see what happens at 2720,
possible break above could indicate a new up trend.
 
My thoughts on GBP at this moment - if price bounces off around 2950 i expect high to be taken out and continuation to the long side.
If it drops back to the lows then either start of short bias or if it bounces up from there then i expect sideways consolidation and range bound for swing trading.
What I want and what i get are usually totally different but occasionally I'm pleasantly surprised when they end up being the same.:)
 
Yeah Will I read it today when I sat Down for smoko!
One of the hardest things for me still after 9 months is leaving the trade alone.
Believe it or not , eventually you will get sick of watching the 'action" and want to do other things.
This can be the best thing for your trading I reckon.
Some of my best trading has been done while Im asleep!! seriously , no ME factor, think about it!
!
 

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