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Mar 31

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Week 7 : Wednesday 31st March

A tale of two trades today and a harsh lesson in making sure I am precise about my stop losses. I finished my session up 0.5% on my equity, but disappointed as it really should have been 2.5% but for 1 pip! Still, 3 profitable days trading on the bounce, almost as good as the 4-0 win by my team last night and their 7th win on the trot.

JPY continues on its sell off and I took 3 JPY short trades this morning, all were correct moves directionally, but only 1 made it into profit. My other trade was long on GBPUSD.

Trade 1: USDJPY Long trade I took of the table early after 60 mins of the trade not really doing much and in fact starting to trade consistently below my 50ema. -9 pips (0.5%)

Trade 2: GBPJPY Long Trade was stopped out by 1 pip as I had this set really just too tightly to the bottom of my retrace range. I usually allow an extra 1-2 pips for broker and market fluctuation. Just not professional enough as this 1% loss on this trade was to prove a harsh lesson as when the JPY finally weakened my 1% target would have been met easily.

Trade 3 and 4 : GBPUSD and CHFJPY Longs : Both trades took a little while to move in the desired direction after I was entered quite early using my Stop-Entry was triggered. Both moved to their 1% targets easily.

Both the GBPJPY and GBPUSD trades could have been managed intra-trade and scaled out gently maybe taking at extra 0.5% -> 1.0% out of the combined trades.

Below is my GBPUSD trade (+24pips), the GBPJPY (couldashouldawoulda trade) looked identical but was taken out by just 1 pip.

Right off to gym in the 5 deg C British Summer!

GBPUSD_310310 +24pips

GBPUSD_310310 +24pips

Happy Easter

Jim

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Permanent link to this article: http://intradayforextrading.co.uk/2010/03/31/week-7-wednesday-31st-march/

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