1st December

Hi John

Thanks for today’s chat. I will work on breakouts this week. After I spoke to you I had my trend-lines in place on the triangle and where I estimated the break out to be I waited a few pips and then set my order. You can see the arrow. It started well and showed to become a sell and then turned and spiked me out at 17 pips. Looking at it now I can see that it hadn’t completed the triangle and I was wrong to put my order in where I had. I had my stop set at 8 but I could see that wasn’t a good idea. So I moved my stop to the top of the previous candle which would allow for movement and unfortunately it went the other way. I then left it and went for a nap and when I came back saw that my breakout was indeed false and it turned into a buy instead and after a while did indeed drop down into a sell. When I got back it was too late to enter the trade however I could not have set my stop that far ahead to account for movement as it clearly wasn’t ready for the breakout down that I anticipated.

I also had an order set at 1.2623 but I cancelled that as I thought the trend was up. Looking at it now I should have rather used parallel lines for a channel and instead of the triangle and I would have been more accurate. I’m also glad I cancelled that order as the trend is showing a buy again.

I want to concentrate also on limiting my losses. Was I right in giving it more room to 17 pips instead of the automatic 8? It turned at the spike and then went up but the candle looked so good and strong that I made the decision to increase my stop because of that. Had the candle been weak I’d have got out immediately and taken a smaller loss of 7 pips.

I am now going to watch and wait for 130pm and see if another opportunity arises.

Ok that’s me for now. If I have a good trade I’ll get back in touch. I like the idea of setting orders and waiting for confirmation with alerts than watching the charts. Right now I don’t know what to expect and where to put orders.

Chat again later. Have a good one. Its bitterly cold here

Desiree