Apr 21

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Wednesday 21st April – Back into the swing

The Easter trading period had taken a toll on me for sure. I think I have learnt a lot during this 2 weeks. The main lesson is regardless of your strategy, if you lack confidence in your trade it aint going to work. Main reason is that when I am lacking confidence you end up failing on the execution side of the trade; like delaying your entry and exits, setting too tight or wide stops….all a mess. I tried different strategies, different timeframes, to turn a profit. Probably the result of taking other peoples strategies a little too literally.

By reading and listening to what others do I have tried to optimise my 1 min timeframe strategies :

> Optimise the filtering before deciding a possible setup is active – I am now using multiple ema’s on my chart representing 3 higher timeframes, which will set direction and help me not to get into trades that could whipsaw.

>Reduce the pairs I will trade intraday. My preference will be EURUSD and GBPUSD (due to spread and daily range), followed by EURJPY and GBPJPY and GBPCHF. The spreads here are wider so I will limit these pairs to trades that look like will be setting up for larger moves.

Also I have caught up on some admin that was overdue :

1) I have printed out the 4 possible setups I am looking for and have them on my wall above my monitors – to help with visualisation.

2) Completed my Trading Business Plan

3) Completed my accounts for the business to date on QuickBooks.

Feeling organised must have helped as I managed to net 2% today on EURUSD and EURJPY, offsetting the 1% loss yesterday. So up on the week. I have attached the Short trade on EURJPY for 27pips.

Range BreakOut EURJPY +27pips

Range BreakOut EURJPY +27pips

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Permanent link to this article: http://intradayforextrading.co.uk/2010/04/21/wednesday-21st-april-back-into-the-swing/

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