Hello everyone,
As I was commenting on yesterday’s video, I was looking to enter short today on EUR/AUD upon the breakout of the 1.6625 intra-week support line. That was undoubtly the key level to watch and where I had my sound alarm placed.
Well, my sound alarm went off this morning as the London session wore off and I was all ready to click on the “sell” button upon signal… a signal that never happened! Indeed, price broke through that 1.6625 key level like a knife through warm butter and it never looked back… and there my mouse cursor remained on the sell button, all frustrated and upset.
Eventually, EUR/AUD had plummeted for another 100 pips by the time I decided to call it a day and get some fresh air to cool myself off. Oh well, trading is like a capricious young lady: it can be the most delightful creature but also it can make you want to tear your hair out on occasion :)
Video below.
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30 April, 6:21 pm
Nice writing style. Looking forward to reading more from you.
Chris Moran
30 April, 11:08 pm
Hector after seeing your video (once, twice, three times), I’m constantly saying to myself “Hector didn’t miss out a trade because he slept through it or because his internet connection was down. Hector didn’t profit from this trade because he sticks like glue to his discipline, and that’s what makes him a full time trader!”
So, from my end, I would like to congratulate your sheer determination in sticking with the rules. OK so you missed out on a good trade in hindsight; but you are so damn disciplined that you have conditioned yourself to act with a good and admirable attitude towards the market with “MY RULES OR NO TRADES!” and that’s something we should all look up to IMHO! :)
Keep it up mate!
-Daniel-
1 May, 12:08 am
I agree with Daniel. There are others who may have jumped into that trade at the break of 1.6625, but waiting for the breakout pullback continuation formation works in the long run. It keeps you out of false breakouts but in the process you miss a few trades. But in the long run, you are more disciplined. More discipline = fewer trades, fewer trades = less risk, less risk = less losses, and if you can manage your risk, your profits will accumulate and take care of themselves - if they are realistic.
so good work Hector, it may be frustrating, but your iron discipline is the one common trait that separates the professionals from the rest of the pack, who are driven by fear and consumed by greed and soon bleed any profits they make back into the markets…
1 May, 12:18 am
Hello Hector
You’ve had bad luck with this currency pair, but the most important thing is you had the discipline to stick to your trade plan. That’s because you are a professional trader and you will always win in the end. Im sure I speak for all your blog readers when I say chin up and better luck for tomorrow.
Regards Ian
1 May, 3:00 am
Well. you always say you are going to miss some trades with the BPC conservative entry Hector. This jet took off without you. No taxi, just an afterburner takeoff. Could have just as easily broke out, reversed, and gone the other way with a false breakout….words from a wise trader - you. What I admire is that you show us that even an experienced trader can get frustrated with this process, but the important thing is the discipline and that tomorrow is another day and in the meantime you are protecting your capital.
1 May, 3:17 am
I totally agree with Daniel hector. I’ve done the work to wait for a setup to go my away, but not acording to my rules upon entry…sometimes the markets just takeoff like that.
Your a great trader, and it’s nothing to be upset about imho. most traders would kill to have your discipline to trade succesfully. I don’t recall you showing the trigger chart on the 1h timeframe…did you happen to miss the trade because you were absent from your desk by chance?
1 May, 5:46 am
Good evening Hector,
Very first night with “new product” from you after my i-net provider went belly up for a few.. However, all pairs seem to be going nowhere other than EURCHF with a long shot potential of forming a triple top triangle @ 1.6225 area ? Or am I fantasizing too much.
-fxJunkiE
1 May, 9:08 am
Hope I am not adding salt to the wound. On H1 chart (EURAUD)If you drew a retracement trendline above horizontal level of 1.6617, i.e. candle wicks (1.6628 on 4/28, 1.6644 on 4/29, 1.6650 on 4/30), you had a BPC above horizontal TL with a trigger entry at 1.6625 ; this is also below daily low of 1.6628 on 4/28.
You could have drawn another retr. trendline above that using wicks (1.6628 on 4/28 and 1.6647 on 4/29).
In my opinion, your patience should be commended as that is what lacking among most of us.
Pluto
1 May, 12:22 pm
Hi Hector - Man I felt your pain on that one! Amazing discipline and this is what I aspire to. Not just for the trading but the inner journey too… I can plan a great trade but my discipline does let me down when the entry arives at times.
Thanks for sharing that one Hector -
Tim
1 May, 3:44 pm
have you seen that your pattern was @1,6650 level?
1 May, 6:36 pm
Well-done for sticking to your discipline Hector!
Its especially frustrating now as setups are so far and between at the moment. Hopefully things will improve soon.
I do believe its a good idea to consider other Markets in decision-making times like this.
Thanks For being a great trading role-model! :)
Fabio
1 May, 7:48 pm
Respect to you for posting your losses instead of some of the bullshit merchants who hide them. All the best. AH
1 May, 10:29 pm
Hey guys,
Thank you SO much for the kind words, really. I’ll be honest: I was indeed mighty upset at that one. Not at myself but at the fact that I KNEW this was screaming bearish all day long and I couldn’t profit from it despite the fact that I had been following like a hawk.
I guess no matter whether you’re a new trader or an experience trader, frustration is a human emotion and therefore we all suffer from it every now and then.
But tomorrow’s always a brand new day with brand new opportunities, and that’s what we gotta keep in mind. Discipline is key and even though it might keep us away from some winners (like in this case) it will also keep us away from many losers. Oh well… sometimes you catch them, something you don’t, not a big deal :)
Cheers,
-HECTOR-
14 May, 5:45 pm
This video clearly highlights the discipline it takes to be a successful trader in the long run. I am sure many would have simply sold the market when they saw the train running thereby throwing their trade plan out the window.
Good work Hector!