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Mar 22

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Week 6 : Monday 22nd March

So a start of another week, and no change in my performance today at any rate.

Today I made 6 trades, with 3 in profit and 3 not in profit. unfortunately the out of profit ones cost me today. My GBPAUD trade today was kind of typical, where it seems as soon as I enter the move grinds to a halt or the definition of the direction becomes vague doubting your original decision to enter the trade. I could be getting in too late; maybe hesitating too long and missing the proper entry or, more likely, just need reading the cyclicity well enough.

Anyway, on my chart of the day, I took the GBPAUD  break thru the Pivot Line with a view to R1. Cable had started  a move North and USDAUD was weak also, so helping me to make a call. The trade was on for several hours and with MACD weakening consistently I bailed out of the trade at basically breakeven.

GBPAUD 23rd March 2010 - A whopping BreakEven Trade!

GBPAUD 23rd March 2010 - A whopping BreakEven Trade!

One thing I have noticed when analysing many of my non-performing trades is the interpretation of the direction on the longer timeframe charts to aid the decision-making. I should place more emphasis on 1H timeframe, then 4H and then daily when establishing if I am looking for Long, Shorts or Flats on a particular pair. I need to work harder on this part of my trading.

Happy Trading!

Jim

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Permanent link to this article: http://intradayforextrading.co.uk/2010/03/22/week-6-monday-23rd-march/

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