Hello everyone,
Yesterday Thursday I took a short entry on GBPAUD. The position was based on a breakout and posterior retest of the 2.1100 key support level which had been holding price above for the last two weeks. Finally, last Wednesday the bears managed to crack that level and pushed GBPAUD down for about a hundred pips before it began retracing back up to retest that 2.1100 S/R barrier from below.
Former support, once broken, becomes resistance.
We all have heard this before, haven’t we? that’s basically what I was expecting to happen and indeed the 2.1100 rejected the retracement. At that time is where I triggered my short entry. Despite the fact that price moved down to +50 pips in profits right away, I was spotting signals of temporary momentum-dry out signified by GBPAUD flopping about my entry level all afternoon long, having me sweating as I felt the heat on this trade. Eventually, I decided to offset the risk on this troublesome trade so I tightened my stoploss pretty aggressively and called it a day.
Well, as it turned out my stop loss was to be knocked out during the overnight Tokyo session setting me back for -15 pips. I am not particularly upset about this trade to be honest: I had given it a fair chance to show its true colors and I just didn’t want to continue being exposed in a trade that wouldn’t want to move in my direction.
But let’s watch the video, shall we?
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1 March, 9:33 am
Hi hector!!!
yes i took the same trade and got out for break even. how come you didn’t close some of your position at the previous swing low on the hourly? I thought usually thats your plan.
3/4 trades last week eventually got to my take profit area but due to the lack of momentum i chickened out and closed them too early. So I decided to set and forget on my last gbp/chf trade of the week and was happy to turn my computer on and have finally booked a full profit. Sometimes i think walking away and letting my trade develop is a better option for me as babysitting my trade is hindering my level of success.
Also I was wondering about that forum thread you were thinking of creating. If you opened a thread on FF then we could all post setups we are seeing so we don’t miss out on opportunities. What do you think?
cheers
james
1 March, 5:48 pm
Hi,
Creating that forum thread seems a great idea, and would bring more people to the blog and to the course.
I have a dilemma: this last days brought me many profits (demo account), but i’m trying to learn from Hector and i’ve been more aggressive in triggering trades than he has. So, i’m not sure i should be happy or not, since this time it went well but next time it might not!
Nice weekend to you all,
Jaime
2 March, 9:20 am
Hi, Hector:
Great Blog!
System is simple but elegant
Always watching you making more trophy
btw,Is there any method determine the profit target level, or just refer to Price action/pattern?
best regards
Mike
2 March, 2:00 pm
Hi guys, I hope you’re enjoying the weekend!
James - aye, in hindsight I should have locked some profits at the previous swing low (would have been +80′ish pips) and move stop to breakeven at that point as I usually do. See, this is what happens when a trader doesn’t follow his own rules :p
I am not very keen on opening a thread about my trades on the Forex Factory. Even though I am an official partner there, the last thing I’d want is to use other people’s websites for self-promotion.
Jaime - it’s alright if you’re taking more aggressive entries. I am a very conservative trader and I know for a fact that some traders are applying my system more aggressively for further profits.
Mike - Yes I have my own ways of determining profit targets depending on what type of pattern I am trading. I explain them out in detail within the course.
Cheers,
-HECTOR-
2 March, 2:21 pm
Hi Hector,
first and foremost I would like to thank you for your great video blog and for helping us to become better traders. I’d like to buy your forex trading course but the doubts of a friend of mine rubbed off on me - how can we know that you post all of your trades and not only the winning ones and some of the losers? I am certain you can dissipate all doubts…
Thanx. Oliver.
2 March, 7:12 pm
Hector, since you prefer not to use Forex Factory to talk about our trades, then would you consider having your own forum for us to post possible trade setups?
I think this will be a BIG help for many of us.
3 March, 6:47 pm
Hi guys,
Oliver - cheers for the kind comments mate, I am glad you’re enjoying my videos. Regarding your second question… hmmm it’s actually quite a valid concern. I tell you what: I will let any of the folks who’ve taken the course to chime in and say whatever they want to say regarding whether the course is worth it or whether it’s a pile of bull-waste :p
Topgun - Aye I don’t really want to polute the Forex Factory with HectorTrader-related spam. I hope soon I will have time to implement a forum on this blog. I have so many ideas for the website and so little time!
Cheers,
-HECTOR-