EURJPY M15 - Thursday

Black Dog DAT’s 18.12.14

In what has turned out to be a very good week or two of Black Dog trading this EJ trade closed Thursday’s trading with a very nice 52 pips. Most of the morning was a typical London session with not very much to shout about so no trades there. The first trade was a very poor 7 pip loss on GBPUSD followed by a 23 pip gain on the same pair shortly thereafter and to the long side.

About an hour later I saw the two pin-type bars on the EJ and thought that they may be good for a quick 10 to the short side. It moved very quickly and the trade fired. I was expecting it to stall at the BRN – it sliced straight through which is always nice, and a good sign that it may drop further. I set a trailing stop of 18 (this value obtained from the ATR) to save me altering the stops manually, but my finger was never far from the eject button.

I generally close trades once the 20 pip point is reached, and quite often double the stakes and aim for 10 (smaller targets are easier to hit) with the view that those 10’s really rack up come the end of the month. But occasionally, like today, I found myself in a trade that wanted to fly, albeit down. In this case I would rarely let it go beyond the 50 pip point unless it just kept going at a fair rate of knots. You can see from the chart above that it did indeed flow past the 50 pip point but then retraced – I closed manually. As I write and look at the chart some 2½ hours later – it has retraced to within 2 pips of the entry point.

The earlier loss on the GU was my own stupid fault in trying to trade through the BRN when ‘go long’ was the call from all warning bells. Will I ever fully take note of what I see on the charts? Looking at the trade afterwards I just could not believe I had taken the trade. Those pips were pulled back almost immediately though which made me feel a little better, even getting into the trade a little later than liked. The mini-chart below should confirm what a dummy I am.

Black Dog GBPUSD M15 - Thursday

GBPUSD M15 – Thursday

A definite uptrend where I don’t even need our indicators to tell me the direction, my own Mark I eyeballs can tell me which way to trade – but did I listen? We call these DAT’s in our trading room – Dumb-Ass Trades..!!

Thanks for reading.

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