«

»

May 18

Print this Post

Tuesday 18th May 2010 – 1 Trade 1 Winner

Could have taken 3 trades again this morning but after yesterdays mental fragility I took the one that looked the best and the cheapest to enter….that was EURUSD and left it at that.  Again, as this was a momentum trade on a major trend re-trace I am targeting just 1:1 here and I am expecting to be a bumpy ride (imagine hitting turbulence whilst on an aeroplane).

I bought at 07:58 at 1.2360, my Stop was at 1.2330 and my target 1.2390. I actually got out the trade at 1.2385 at 08:55. Pleased that I felt relaxed during the 2 retraces during the ride up, less pleased I took out before the price hit my target which it eventually did. The reason at the time I got out early was that during that 1hr the ema’s on the 1hr, 15m and 5m charts had all obviously moved and I was concerned about getting a stiff bounce of one of these – my target was now sitting right on one of these moving averages. So i took my profit a little short of target. The bounce did happen 2 mins later, but price regained it’s strength and actually moved up an extra 40 pips. Low probability that the price was going to move above the 1Hr 50ema, so I am pleased I am out. Maybe tomorrow I can take retrace further now the first obstacles are out-of-the-way. We’ll see, right now at the time of writing both EUR and GBP are being squashed by the moving averages and intraday trend lines…….expect some fireworks soon !

With my new Trade Rating Criteria this trade rated a 2/3 for the setup, a 2/3 for entry and a 2/3 for exit (Execution) and 3/5 for performance giving me a trade rating of 18 (Sum of execution x Performance) – 18 is my minimum acceptable trade rating.

1m Momentum Counter Major Trend

1m Momentum Counter Major Trend

Jimmy

If you enjoyed this post, make sure you subscribe to my RSS feed!

Permanent link to this article: http://intradayforextrading.co.uk/2010/05/18/tuesday-18th-may-2010-1-trade-1-winner/

2 comments

  1. daytrader233

    Well done Jimmy. Nice trade!

  2. FFXD

    Very nice trade! :)

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>