The Last 3 Trades I Took- Check Out How They Turned Out
The Last 3 Trades I Took- Check Out How They Turned Out
by: Colibri Trader
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In this article, I will walk you through the last three trades I took. I have shared with you my analysis on those potential trades. I will quickly walk you through what went wrong, what went right and how it could have been improved.
-First Trade was based on a setup that formed on the 15th of June- you can check it out HERE. There was a pinbar and a bearish engulfing pattern on the daily timeframe. The price did bounce-off the intraday support level at 12,625 and then I was looking for another good short entry around the resistance level at 12,900. There it formed an inside-like bar on the daily and a bearish engulfing on the 4H chart. I managed to get into a short trade on the 20th at 12,870. I placed my SL at 12,970- just above the nearest swing high. Check out the 4 Hour screenshot below:
I am still in this trade and the daily timeframe looks bearish. We might actually be in a correction mode that could lead to a major sell-off.
-The second trade that I wrote about HERE could have gone better. It looks like I rushed a bit with this one. The daily timeframe was definitely showing a bullish bias, though. There were all the factors aligned, but price decided to dip one more time lower before actually exploding to the upside. I have lost on this trade- traded at 1.4150 with a stop-loss at 1.4050. As you can see from the screenshot below, my long trade was stopped-out- price went down to 1.4018. This was enough to just get stopped-out before I saw this massive up-thrust to 1.4322 currently. I can easily see price going up to the 1.4800 resistance area. Have a look at the daily chart below:
-The third trade took place on the EURUSD. I went long at 1.1189. My stop loss is just 1.1100 and currently the price is 1.1341. I did not take profits at 1.1300, because it looks like the price might break through this level. It might reconfirm or reject it and that’s where it is crucial to pay attention. If I see price action rejection those highs, I might consider taking my profits. If I see price action rejecting the 1.1300 level, I will leave this trade to run higher. The next potential target is 1.1600. I believe we will see a correction of some sort before that happens, since price does not travel in a straight line. Today was an exceptional day. Only from this trade I am around 150 pips in profit. Let’s see where price will lead us. Have a look at the daily chart below:
A lot can be learnt from looking back and analysing our trades. What went wrong and what could be improved. Altogether, I am extremely happy how those last 3 trades went. I did everything according to my trading strategy and it worked awesomely well. The only loser was the CHFNZD trade, which could have gone right if a wider stop-loss was used. Since I don’t like the “what-if” scenarios and I try to stay as away as humanly possible, I accept this as a trade that did not work out. Not all trades will be successful; what matters is that the we let the winners run as long as we possibly can.
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13 thoughts on “The Last 3 Trades I Took- Check Out How They Turned Out”
I think the content of this article is very important, it really is leading by example something that I admire many educators sell you a course and you’re on your own but that is my reason for liking this article.
I will go on to say that in your Dax trade it went against you at one stage over 100 points the fact that you stayed in during this retrace could almost describe you as some sort of mythical creature because most species would have closed
I’ve yet to fully understand the ability and psychology behind holding a trade like this I can see why in a trend with some whipsaws someone like yourself holding can make good compound gains.
It is exceptional, considering that the Dax is such a bullish index you have virtually held the trade from the top of the range to the bottom of the range once again this is just incredible in my view.
I was looking at the US indices and the picture was looking pretty grim there, too. This was one of the other reasons that made me hold it for a bit longer and it is paying back now. If you remember, we discussed about it in a previous post. I can assure you that I am certainly not a mythical creature:D, but certainly your comment made me blush. Thanks for the nice words mate. I try to think of trading as a continuous process. I like to see each trade as just a dot in a long line (the line being my equity curve). In the end, I am trying to be in this thing for the long-haul. So, the most important thing here would be for how long will I be able to hold on to this trade. Time and price action will show 🙂
Can you share with us how you’ve managed this trade so far
IE: Are you still in with added positions or have you scaled out or are you out entirely
Ddi you have a firm target
What ever the case, I would like to better understand your thinking during the trade process.
Thank you for asking. An idea comes to my mind and it is writing a separate article on that. I think it is pretty much a textbook example of a perfect trade. Check my website later today.
Keep us posted with your thoughts, too!
Look forward to the article.
My thoughts, firstly on how you might have handled this short DAX trade :
I may get egg all over my face here ;}
1 I think you have held a full entry position during the 1st retrace higher. (12700 to 12828)
2 Then right before the 2nd retrace higher you scaled out some (12651 area)
3 I think you have a small running position at the moment or you have hit your target (lower edge of range 12450) and are fully out.
Of course I could be completely wrong but am working on the best probability as I am thinking it.
“Just to add I don’t make a habit of thinking about other traders and what they might do”
A bit of tonge and cheek here I might get it 40% right
For my part I did not take the short as per your teachings, I took bits out of it when signal presented. Due to the fact that the Dax can recerse in an instant as I’ve see it many a time.
But unfortuantely this is not the proper way according to compounding ones position.
In this case we both made money but one of us made more, but how do you sum it up when its different everytime.
You have the advantage on this indicie of that special input from that special person.
What bothers me about this game is that one can be 3 feet from gold and not know it.
Then again 3 feet and quit
I am still in the dark about how to “think during a trade” when trading large retail size say 500.00 per point
Is it set and forget or do you micro manage or do you scale out scale in.
In my trading life i need answers .
There is no room for trial and error when trading size, Everytime i trade smal the f*&^king trade works then large it always hangs around the entry sputtering.
What am I missing ?
I have access to large capital but will not and cannot touch it until I understand the paradyme
Thanks for the great comment. I have posted a whole article in response to your question here: https://www.colibritrader.com/textbook-example-trade-dax-germany-30/
Regarding the trading size: if you are making mistakes when increasing the size it means it is still too early to do so. If the size you are trading with is not comfortable, it means you need to reduce it. You will know it is the right size, when you can walk away from the screen without bothering about the trade. And in the worst case scenario, if you are in a loss, it should not be more than 2% of your overall capital. I cannot stress that enough! I think I am going to write a special article on that in the coming days/weeks. In the meantime, check out my article and enjoy the weekend!
I think the post is describing pretty clear how I have managed to far. I have taken 50% of the profits and will let the other 50% run. I have secured stop-losses, as well. Don’t want to cary unnecessary risk overnight. I hope that helps 🙂
Here is something that I wanted to add to my earlier post
nice background dan!
i googled it but haven’t found one exactly like yours
can point where can get one exactly like yours?
Hope your doing well, here is the link.
They are wondeful creatures.
thanks dan, hope you are doing well too
I WISH TO KNOW AS TO HOW DO YOU COME TO A TARGET PRICE, (PARTICULARLY WHEN IN AN UNCHARTED TERRITORY AS I AM TODAY IN INDIA),. IN THE THIRD EXAMPLE THAT YOU MENTIONED, THE TP OF 1.16 IS TOO FAR AWAY FROM THE CURRENT 1.134. KINDLY SUGGEST & OBLIGE
It is usually an old support or resistance from a higher timeframe. I talk about it in my trading course a lot