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Apr 23

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Friday 23rd April – Profit in PIPs Only

***Revised since cable break at 13:30**

Today I was up on PIPs but just break even on profit. I was short on GBPUSD and GBPJPY early doors that both met my setup criteria. If I had just concentrated on managing these trades rather than taking 2 rather silly trades short on EURUSD that on execution were terrible. As the GBPUSD was falling I assumed EURUSD would follow suit; the pair started a slight move down so I took on a short trade also.

Result was I got stopped out on EURUSD twice, I took on another trade after thinking my stop-loss was too tight (like yesterday). The frustration of this loss took my focus of the two GBP trades. cable hit my 1% target but after suffering the EURUSD loss I held on for more – Mistake No.1 as the pair then rallied and I got out for just BE. Ditto with GBPJPY although that never made my target – just 0.5%.

I got something back from the day by taking a 100% discretionary trade at EURUSD and EURJPY’s peak at around 10:30. My reasons for this trade were :

1) Daily range met

2) MACD Crossing signal line

3)Trading below my emas.

MACD Counter Trend Retrace

MACD Counter Trend Retrace

Sneaked in a 37pips between both pairs that brought my account to a 0.3% gain for the week.

Before retiring to the garden for some sunshine and to spark up the bbq, I placed a Stop Order on Cable at 1.5339 to go short just fro 20 pips on a 1:1 trade. The pair looked like it was as weak as anything today as EUR even mustered a rally.  At 13:18 that was triggered and filled at 13:44 for 1% and to make the day and week a little better :-)

After the huge drop on EUR yesterday a little miffed that I didn’t have a more profitable week.

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Permanent link to this article: http://intradayforextrading.co.uk/2010/04/23/friday-23rd-april-profit-in-pips-only/

2 comments

  1. FFXD

    Nice… and good luck for next week.

  2. bitheadturneddaytrader

    I am about to embark on the same journey, from full-time employment to Day Trading the S&P500 futures.
    /follows :)
    http://bitheadturneddaytrader.wordpress.com/

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