GBPUSD thoughts

[willoneau]

No. Need to be up at 7am to go to work so 12:00am is log off time

I'm shift worker so on day's off and used to the hours.
You in eastern states?
UTC+8 time zone here

 

[Triple B]

Im off for dinner .smells good

 

[Triple B]

NSW so Sydney Time. I thought NY recently came off daylight savings time so open was 10Pm here .Turns out NY opens at Midnight here!

 

[Triple B]

This is handy
https://www.worldtimezone.com/forex12.php

 

[willoneau]

I'm going to stop trading after they close tonight, if in market and going the way I believe is the bias in the short term.

I'm going to stop trading after they close tonight, if in market and going the way I believe is the bias in the short term.

As I see it there are three things when trading ,
the variables I use to enter and exit
money management / risk
and ME control
logging my trading here is helping me with my ME control so will see if I stop trading when Europe markets close.

 

[willoneau]

Exit market 2870,
20 pip loss

 

[Triple B]

Just closed 2 at BE. determined not to repeat last night when up 10% profit and ended up 2% loss. just slowing down a gear .

 

[willoneau]

Just closed 2 at BE. determined not to repeat last night when up 10% profit and ended up 2% loss. just slowing down a gear .

So are you modifying your trading plan?

 

[willoneau]

The reason I ask is that if being up 10% and stopping out for 2% loss is all part of your trading plan it shouldn't matter and being determined not to repeat last night doesn't come into it.

 

[Triple B]

Took Several trades too close to approaching round nos. did not leave enough room for 2:1 RR ratio and left them on. so outside plan and it cost 3 xR thats 6%

 

[willoneau]

So plan not followed and price paid in full

 

[Triple B]

In other word taking a bit more time tonight to check trades before entry so I can stick to the plan!

 

[willoneau]

Talking about following plan , just had entry signal but beyond my risk criteria so have to let go, bummer.

 

[Triple B]

So plan not followed and price paid in full

Correct

 

[Triple B]

Also thinking about a max daily Stop loss and maybe a Profit Stop Target test. Will try these once settled on a trading strategy, which will probably take months. My Current trading is forward testing strategies to get some numbers to improve on.

 

[willoneau]

Entry Long 2882 x 2

 

[willoneau]

Also thinking about a max daily Stop loss and maybe a Profit Stop Target test. Will try these once settled on a trading strategy, which will probably take months. My Current trading is forward testing strategies to get some numbers to improve on.

Max daily loss is good as it helps if not in sync with market and gives you chance to step back take another look
I don't like profit targets as stops the big runs when they come and they do come .One run can wipe clean series of small losses but you need to be in, so take loss and next trade please.

 

[willoneau]

Short at 2873 x 2

 

[Triple B]

Did not want to apply daily loss stop with these 100 trades as i wanted the numbers warts and all! can do that with tiny account

 

[Triple B]

Some volatility on the cable tonight!