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May 13

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Thursday 13th May 2010 – Back on Track – Keeping it Simple and Strict

After yesterday’s bloodbath; the consequence of ill-discipline, I went for a long walk with the dog. My evening walk with the dog each day is a great way to think out my trades each day and work out what I did right and where I didn’t do so well. I usually come back re-invigorated with a plan as to how to improve for the next day’s trading. Today I had to have discipline to follow my strategy as perfectly as possible. I also halved my trading size for today to give me the confidence back on those pesky retraces.

This morning I slept in as Switz, France and Germany are on Holidays so thought no need to keep a keen eye on the markets at 07:00.  I took 1 long position at 08:00 on EURUSD which came to nothing quickly….one of my rules is to take off a trade when it immediately turns back. A sure sign there is no momentum in the trade just yet.

The big moves came at 08:30 on GBP and EUR. The momentum was huge and the retrace and holding position under my emas developed a perfect setup across the board. The 15min, Hourly and 5min charts are gave me  a nod of approval to I setup entries on EURJPY, EURUSD and GBPUSD each with 0.5% risked. Both USD pairs hit my target within a couple of minutes, the EURJPY trade also should have done, but I had moved my SL down to entry after price sped off and got taken out for BreakEven on the retrace by 1 pip. prices then kept moving and I really am not bothered that I could have had more. I reached my target for the day and it’s just 10:40am ! Really don’t be greedy Jimmy – job done, pat yourself on the back and now get on with your life!! Gym and Golf today – hurrah!

The Result of Back to Basics and a simple 1:1 Trade

The Result of Back to Basics and a simple 1:1 Trade

Jimmy

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Permanent link to this article: http://intradayforextrading.co.uk/2010/05/13/thursday-13th-may-2010-back-on-track-keeping-it-simple-and-strict/

2 comments

  1. Shiro

    Well done jimmy. Have a great day & week

  2. Jimmy_FX

    thank you Shiro – same to you too in Sunny singapore

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