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May 17

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Monday 17th May 2010 – Boring day thus far !

After seeing the 150-200 pip falls on the EUR and GBP overnight I kind of wondered about going back to bed. The AM session was almost certain to be made up of a horizontal moves or retraces…..not a high probability trading environment for me.

Anyway, I had 3 setups to go long on EURJPY, GBPUSD and EURUSD at 07:40 which I took, but for just 0.3% each and a strict 1:1 trade. There was plenty of room between my trade and any resistance.  On my new Trade Rating Criteria my Setup rated a 2/3. Not perfect by any means as it was against the major trends. My entry was a 3/3 – stops, trade size and limits placed in good time and all in control.  My exit rated a 0/3. Again I was a victim to my emotions. As as soon as the trade moved against me from the open I took the options to close all 3 trades 10 mins later for a loss. 10 mins after that my GBPUSD trade hit my original target, the EUR trades I would have had to have gotten out of manually as they missed my taregts – but all the profitable. None of the 3 hit my stops before getting into profit. Frustration or what.

I waited until the afternoon whilst updating some trade admin, and reading “Adventures of a Currency Trader” by Rob Booker.

2pm came and went, the GBP looked like tanking at one point then thought again and moved swiftly to 1.4500. I guess if there is a move down today it will be when I am doing something else. I am out for the day.

Long on cable when I didn't hold my nerve and stick to my exit strategy !

Hope the rest of you sat on your hands good and proper !

Jimmy

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