2010-01-20

nice down trend overnight, still looking for short side, but it's already an extended move so I will wait for the bounce.
Now looking at 1.4120 level, next will be 1.4150 level...

Risk at 1.4120 for 20 pips and 30 for 1.4150.

It didn't get to my entry point, so no trade...

I was holding a small position about half of the normal size last night, at the point I had about 50 full size profit at hand, then I start to short with the trend, and keep getting stop out, this is OK. But there was 2 errors, I put a short limit order at 1.4185 level, and when the price break down below it, it was hit, and as the price moves so fast, I added another order. There was nothing wrong with that. But it didn't last long, and it reversed, so I moved my stop to 1.4211, which is 26 pips away, which is also my overall cost, meaning if I was stopped out, I will be BE, meaning I am losing my 50 full size profit.
Which it did.
1: with support and resist play, it's so EASY to set a stop and close by, I won't move it.
2: with breakout play, it make sense to set stop at the breakout point +- 2 to 3 pips.
3: The worst I can think of is, if I didn't do anything last nigt, I will be sitting on 100 pips full size profit now..