I was looking for ~.82868, which would have been almost 46 pips. I let it slide for only 8 because, #1: I wanted to go to bed (don't trust stops and you can see why on this trade), and #2: it was struggling (and still is this morning) so I got out while it was still with me. Do I get a pass?
Does anyone else find this comical, or is it just me? The blue line is my position (after the 4 pip spread), taken at the lower part of the second green candle. Bouncing it like no tomorrow. Latest candle (after the screen shot) rebounding off it as well. What are the chances that every long I take, my position (taken at ask) becomes resistance (for the current bid), right to the fractional pip?
Short - GBP/USD 1.65286 x1 Hopefully a quick few pips on that one. Down 20 pips on USD/CHF, getting ready to cut it loose. I'd suggest everyone take heavy long positions in it at that point, massive up move upon selling long is inevitable.
Sold - USD/CHF 1.07597 -35.2 pips Crushing loss, can't say I'm surprised. Cue the reversal. Missed 10 pip profit on GBP/USD, fully expecting explosion upward now. Calling 'em doesn't do a damn thing if you don't execute the plan.
I'm sure you know this but I have to say that you are playing a very dangerous game trading forex without stops. I hope you don't find yourself in the situation where the market moves quickly against you, leaving you stuck like a deer in the headlights as it continues to move farther and farther.
I'd love to use stops, I just can't find a good way to do it. How much do your trades generally move against you? Maybe what I need is a new entry strategy. Forex seems to be much more volatile and much less precise than stocks. I think that's why I can't seem to find a good place for stops. When trading stocks, I usually set my stop enough above resistance or below support to confirm a break. When it breaks, it's usually really broken and we head away from there. That doesn't seem to be the case in forex. I see support and resistance getting blown through like no tomorrow (10-20 pips), only to get a massive reversal and fly right back through. Do I need to start using longer time frame charts? Are the short time frame bars leading to fake outs? I currently watch 30min bars for support/resistance levels, and use 15 min bars for fine tuning of entry/exit. Should I go longer, shorter?
I see that you are using 15min bars. Now I am not saying that it cannot be done, but short time frames in forex is about as tough as it gets. I have found 4 hour bars easier to work with. If you like to get in on the action daily you may find 4 hour bars too slow though. Find a timeframe that you can live with. You are right about forex being full of fake outs and shake outs. Almost anything can happen in forex and that's why a predetermined stop (it could be mental btw) are a must. There are some amazing trends though and that's why it's worth it for me to trade it. Keep up the journal, like other posters have pointed out, it is a tool that can be very useful in analysing yourself.
I have had good luck with 2 hour bars in practice mode. Maybe I'll give that a try tomorrow. You're right that I would find that more boring, but there's no reason I can't put on one or two longer time frame, larger target trades. Then I can be free to scalp the short periods for <15 pip moves (thus keeping myself busy and not missing small opportunities), rather than fighting the odds trying to catch large moves in short time frames like I'm doing now. Great advice. I appreciate all the help from you guys. Off to the real job now. Still in GBP/USD. We'll see how we look when I return...