Well, it's wednesday afternoon, and apart from a few 'pilot' trades - none of which have come to anything - we are, essentially, where we were on Friday.
This is particularly frustrating during a week that I had set aside, 'to trade', and I'd been starting to look for trades that just weren't there and generally, feeling edgy.
A minor breakout has just triggered on GBPJPY but for reasons I don't understand I'm not willing to take it.
... But perhaps this is teaching me something about myself.
Because the bottom line is that I am, essentially, a divergence trader. Although I have back-tested and demo traded break-out, my favourite triggers occur when pairs have over extended themselves from the median, and with everything consolidating at or near that median this week, there just aren't any 'fish' to catch.
I need to learn to enjoy the view from the riverbank ...
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Well stated ;o)
ReplyDeleteLooks like you have a good advisor with Rob Booker. I love your headline Plan the Trade and Trade the Plan.
ReplyDeleteI am primarily a breakout trader, but one of my mentors is a divergence trader like you. I find it very hard to master consistently. I will be watching to see how you do. I too started my blog on blogspot to chronicle my trading. It is the best way to learn. Good luck with your trading career. Russ myforextradingcoach.com
Dear George and Russ(?),
ReplyDeleteThanks for taking the time to comment. As I set out on this live trading career the whole accountability aspect is incredibly important to me.
Just read what happens next. It's a rodeo isn't it !
The whole point of the bog is not to 'big myself up'. Actually it is the opposite.
I know the setups that Rob B has taught me, I've backtested them ad nauseam....
And I am, by nature, contrarian, so divergence trading suits me.
But I am also impulsive, and it's this aspect of my natire I'm trying to sort out.
Anyway, enough. As I write I am all square for the week having recovered a bad situation and learned much in the process.
I hope your trading education / careers are going well.
Please keep following and commenting... It means a lot. R.