May 19

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Wednesday 19th May 2010 – funny old morning

After the nice falls during the US session yesterday I awoke looking at new lows for the EUR. The morning was spent being teased by the market to take trades (that met my setup) only to see the profits disappear quite quickly.

I had 4 trades – 2 short on EURUSD and 2 short on EURJPY.

The first 2 (07:10) went into profit immediately, but didn’t last long. The EURUSD trade went to 88% of target and the JPY trade just 30%. I should at this point moved my Stop Loss to entry to protect capital but as it looked like 1% was going to be reached quite quickly I left the Stop were it was only to be then stopped out. Total loss of 57 pips.

My next at 09:23  with the same set of pairs fared better. The EURJPY motored well to 1%, but I kept the position open until technically I believed the maximum move was close. I took the trade-off at 111.08 after 111.0 BRN was touched briefly. That gave me +49 pips and a 1:1.75 trade ratio. The EURUSD trade never moved and I took out for breakeven.

-41 pips then + 49 pips - seesaw - story of the day

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Permanent link to this article: http://intradayforextrading.co.uk/2010/05/19/wednesday-19th-may-2010-funny-old-morning/

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