Booze and Hubris

I'm still on a trading vacation but these are the open prices for the past week or so. I am likely to be away from it for another couple of weeks.

10th August
EURUSD 1.2355
GBPUSD 1.7865

11th August
EURUSD 1.2382
GBPUSD 1.7965

12th August
EURUSD 1.2454
GBPUSD 1.8101

15th August
EURUSD 1.2454
GBPUSD 1.8161

16th August
EURUSD 1.2348
GBPUSD 1.8081

17th August
EURUSD 1.2357
GBPUSD 1.8091

7 August 0.00 GMT
EURUSD: 1.2331
GBPUSD: 1.7742

8 August 0.00 GMT Open
EURUSD: 1.2363
GBPUSD: 1.7855

9th August 0.00 GMT Open
EURUSD: 1.2355
GBPUSD: 1.7865

I'm not trading as I have tied up with some personal business and my broadband connection isn't 100% reliable. I hope to be trading live again by the end of next week.

GMT 0.00 Open
EURUSD 1.2385
GBPUSD 1.7803

I expected exhaustion today in the Euro and Pound which has happened but when the news came out of strong US payrolls, much higher than expectations I was thinking of 100-200 pip drop but what we have is a daily low <100 pips from the daily open and both sitting now around 50 pips from the open. Short term negative sentiment against the USD is stronger than I thought it was.

0.00 GMT Open
EURUSD 1.2329
GBPUSD 1.7781

Found a new trade style for multiday trades by a guy called Vegas called the Tunnel Method. Trade styles are dime a dozen but I like some of the features of this one, precise entries, high risk/reward and progressive money management. I had a read through of it at 4am yesterday so wasn't fully engaged but it seems a little too fluffy on the stops (is it the other side of the tunnel for Stop and Reverse or is it recent support/resistance?) for my liking but I'll investigate it. I like that the guy's attitude, he isn't selling it, doesn't care if you use it but investigate it and you may find something you like.

BTW
August 3 0.00 GMT Open
EURUSD 1.2191
GBPUSD 1.7712

I made some demo trades on the euro and pound. Catching entries on my trade style around 2.30am and taking profits on the euro at +30, +50, +80 and on the GBPUSD at +32 and +123, limiting out the last lots on the euro and pound while I slept.

No trades today as I had no electricity since yeterday afternoon. There was a fire in the top floor apartment around 4pm. Quite vicious (flames gushing 8 fett out of the window) but the FDNY did its normal superlative job and it was out quickly. Overload of a electricity point has been mentioned as one possible cause.
My apartment on the 3rd floor is a little damp and a spot of waterlogged sheetrock in the ceiling caved in and will be replaced. Electricity was off until this afternoon and everything smells of smoke.

0.00 GMT Open
EURUSD 1.2190
GBPUSD 1.7682

I haven't put a live trade on in around a week but that's OK. I haven't been completely paralysed. I have been demo trading on Windsor Brokers Mobile PocketPC trade platform. Its far from perfect but a solid 7 out of 10 in usefulness. The biggest problem is quickly executing a trade (either in or out). Interestingly it allows you to be in a trade in the same currency pair long and short at the same time (trading different time frames?).
Of course I have been a demo trading success. 12 out of 12 closed positions have been winners (1 of those at +0) with one trade still open (currently +67). I've taken the demo $50,000 account to $63,000 in week trading 2-6 lots/trade. I'll take it easy this week and next as I have a bit of personal business that'll be taking up my time until the middle of next week.

0.oo GMT Open
EURUSD 1.2122
GBPUSD 1.7551

No trades to date. No entry signals. It has been a solid long move on both pairs through the Asian session and into and through the European.

0.oo GMT Open
EURUSD 1.2127
GBPUSD 1.7546

No trades today either. 3 days in a row I've slept in (avoidance of market). Yes I feel better after a few good nights sleep but I am losing money. Yesterday's trading could have been good, 100 pips on GBP and 30 on Euro if I had the courage of my convictions, courage that has taken a vacation it seems.
There was possibility to pick up a short trade (+30 pips 1/2, +0 for 1/2) and long trade (+30 and still open) on the Euro this morning. I'll watch the market and get my head back in the game.

There is no doubt this relates to Tuesday's losses. Psychologically I want to be able to get to a point where I can reset the mental environment to neutral automatically after a losing day. Rationally I can, emotionally I can't, not yet. On the plus side I am getting better (psychologically speaking). I am not revenge trading in response to the loss, nor is the sky falling. Even the 3rd lossing trade on tuesday was in response to a signal, and was the same trade size as I usually do.
I can take a losing trade easily, a losing day of several trades is harder but the same principles apply.