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Apr 30

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Friday 30th April – The Lie in cost me

For the first time in weeks I wasn’t up on time. Had a late night driving back from York to watch my team lose 0-1., so decided to sit out the 06:00 start. Got then to my trading desk to find my 1m Momentum setups on all of my 4 watched pairs triggered at 07:15 :-(  Would have had 1% on GBPUSD and EURUSD for sure and possibly 3% on EURUSD.

So I wrote a review of Kathy Lien’s Book “Day Trading and Swing Trading the Currency Markets” whilst observing the price action. The EURUSD plateaued very well and 08:30 and I pondered whether to go long at the break of the 1.3308 recent high. It made sense….but not in my strategy so decided not to take it and watch…..sure enough could have taken that for  a 20pips 1:1 as it was triggered at 09:40 and would have been filled 1 hour later.

Instead I took some interest in GBPUSD as the long strength was weaker here at I was keen to see what direction it would take. You can see from my trade chart attached I went long after the price recovered from a dip. That position didn’t work, in fact touched me in then straight back south – out at Stop Loss. However I think I could have taken that out for a less than stop-loss – need to be more honest with myself and the fact it was  a loser.

GBPUSD continued to show some weakness after stopping me out so I took a momentum trade short at 1.5348 for +20 pips which was close to the 1H 200ema which I expected to show some resistance. The trade worked well and swiftly down, could have let it run a little longer but as this was against the trend of the day and an extended position on 5m and 15m charts and expecting a large retrace I clipped it’s wings at 1%.

2 x 1m Momentum Trades on Cable today

2 x 1m Momentum Trades on Cable today

For the Month of April I am down 50pips, which is significantly better than the -385 of March! Things are improving, both in terms of discipline and trade selection. But a long long way to go for sure.

Have a good weekend and have a great trading Month in May. I will start on Tuesday 4th, bright an early this time!

Jimmy

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Permanent link to this article: http://intradayforextrading.co.uk/2010/04/30/friday-30th-april-the-lie-in-cost-me/

2 comments

  1. FXTraderPaul

    Well done on your trading this month Jimmy; you’re obviously applying your learning and heading in the right direction.

  2. Jimmy_FX

    thanks Paul; appreciated.

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