Another losing trade....

I think... I need a break. I'm definitely lacking of something. Shifting back to demo account n  gonna reorganize myself. Need to improve myself even more...

Patience

Patience. I need it. Not everyday I must enter into trade. Get a good position n confirmation. Can't afford to lose too much pips. Mayb I should stay at sidelines especially on mondays, doing some observation 1st... hmm..

Pip n run~

Watch the pro do scalping b4.. so thinking that I should try too... and I daringly use real account to do it. I shouldnt, really. But, everything went well.
On the 1st 3 tries, did some error an d end up losing few pips. Set myself some rules later:
1) only use 5min chart to do scalping
2) take note of the indicators. I'm using MACD,RSI and Stochastic. To enter long, stochastic muz b at oversold level. The same with RSI. For MACD, crossover must have happened (still need more testing)
2 out of 3 of this indicators must meet the requirement to enter into trade.
3) must close position within ±10mins. Unless its a winning pip, adjust the SL to secure profit and leave it reach TP. In case it is unable to reach TP, close myself. And most important, always have a SL. Preferably around 10pips.

Result: I end up earning some pips back, and even manage to cover all the loss I made yesterday, with profits of course. =D

What I learn tonight:
1) scalping best done in a ranging market.
2) a trade system is really needed.
3) always take note of economic news. It can make indicators turn against me.
4) Twitter is one of the best source of obtaining info.

The hell....

Seriously... wad the hell went wrong? Lose all my winning pips from past two weeks just in 1 night!! !@#$%
I admit that I still dun have a proper trading plan yet, still working on it.
The other factors I can think of:-
1) SL too tight? (My SL is only 10pips) GBP/AUD. going long, but my trade was stopped as it hit SL. But later, the pair went up for around 100+ pips
2) adjusting my SL? (From 10pips to 20pips at max) Reason: feel that 10pips SL is too tight
3) effect of economic news? I normally trade between 8pm - 2am GMT+8.

Can't think of any other reasons a.t.m.

Note to myself: I'm not gonna giv up. Move forward. There's always up n down in life. Learn and continue learning. Net loss now: -22.9 pips

Stupid mistake

Seriously, why am I going long for GBP/JPY when I know that JPY is going to strengthen? -__-

Knowledge vs practical

Come across a few articles in the past on trading psychology. I'm always confident in applying my knowledge in practice. I know what I should do, but in trading, i realise, it's not easy.
Nearly repeat the mistake I once made 3yrs ago, entering into trade cuz' I have a good feeling about it. The entry order was triggered, and it moved in the direction that I wanted to. But it reversed a few minutes later, and without SL, i blow up my fund. A typical way of a gambler. =/
Yesterday, the same "good feeling" come to me. But the indicators that I set up was screaming "NO~!!!" To prove myself and to satisfy this "good feeling" of mine, I set up an entry point on my demo account, and went to sleep.
Well, the order isn't triggered, the wick of the candle is juz a few pips away from the order level. The pairs went down, and later went sideways the entire night.

"So, satisfied? Still feeling good?"

A reminder to myself, having "good feeling" to trade is the way of a gambler. I must put aside these type emotional trading way.

EUR/JPY

Previous fib retracement chart seems off, decided to draw up a new 1 (yellow line for new fib retracement)

New fib retracement shows a better picture. Set up Pivot also with time frame D1. At 7.00pm candle was nearing 0.236 line, RSI nearing oversold level, Sochastic below 20, MACD below 0, candle was nearing support line S1 too, seems like a very high chance to bounce up. Decided to wait for the next candle, and went into trade. Enter trade at 124.552, SL @124.00, TP @125.00. Took quite long time (for me) to hit my TP, nearly 21hrs of open trade. Win 44.8 pips.

Looking back, i shouldn't have enter into trade right after the red candle at 7.00pm. If the candle broke the resistance line at fib retracement 0.236, i'm doomed.. But all indicators show high possibility that it wont. However, there's still chances that it will go way below before bouncing up, so i think a safer way would b waiting for the 2nd candle, which is the candle at 8.00pm. If my SL is far enough, i think it's safe to enter trade at the 1st candle.

(On Side Note: JPY has been weakening until this point of time, so general trend should be bullish for EUR/JPY. The yen weakening is currently affected by Japan government vows to weaken its currency to promote growth in its economy)

EUR/JPY

Wasn't sure what to do in the 1st place, so i tried putting in fibonacci retracement into the chart..

manage to see a clearer picture of the candles movement. can be seen that price has been ranging between 0.500 and 0.382 of fib retracement line, starting on 03/03/2013. the previous supporting line i drew earlier still seems valid.

was looking at the chart on 05/03/2013, the support line seems strong... RSI below 50, MACD line below 0.00, Stochastic line is somewhere in the middle, so decided to go for long, since candle is on the support line, straight enter trade at 121.488, SL 121.00 below fib retracement line 0.382 (121.18). Target 0.500 Fib retracement, 121.956. 

Went to sleep after that...

Woke up the next morning, somehow the price did not reach my target, but still strong on the support line. Thinking to leave the position on, but saw a doji candle formed. i immediately close position on the next candle. Profit 24.8pips.

Looking back, i'm not sure if i made a wise decision, closed trade after doji. Price did fall after doji candle by around 20pips, but went up again to touch the 0.500 fib retracement. The support line i drew earlier might not be valid anymore, since price has broken below the support line,unable to match with the fib retracement. If the 0.500 fib retracement is broken, the support line may become resistance line.