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May 14

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Friday 14th May 2010 – A Real Novice Error

Would you believe that I was so engrossed in getting my setup I completely took my eye off the time. I had looked at my calendar this morning as usual and noted that at 13:30 there was news…fine.

So at 13:00 I setup  a stop order Long on EURJPY at 115.72 to trigger the Pivot made at 12:49, for 30 pips. As it was a retrace, and the 5m 200ema was close, I wanted to just go for a 1:1 as per the size of my setup. No problem – I thought. Up until this point I was BE for the day and had been sitting on my hands during the long runs down on EUR and GBP in the morning session as none of my setups occurred. This was not easy as the moves were quite dramatic. I kept busy with the TV News, emails and general catch up. Well at 13:30 my Stop Order was triggered with a single hard fast candle that moved 30pips….immediately I looked down at my PC clock and sighed ! How could I have forgotten to look at the time……???

Take a look at the trade below…….I’ll have to print this out as a reminder to myself.

Watch the clock for the news you schmuck !

Watch the clock for the news you schmuck !

I think I am done for the day and the week. Some real highs….and some real lows…..a lot like the Currency market at the moment I guess.

Have a good weekend

Jimmy

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Permanent link to this article: http://intradayforextrading.co.uk/2010/05/14/friday-14th-may-2010-a-real-novice-error/

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