A profit is better than nothing, but with the risk taken and time spent it’s not a great return for the day to be honest.
I took 3 trades this morning, 1 was profitable (GBPUSD +23pips) and the other 2 (both on EURJPY – 18pips) were loss making trades.
Trade 1 : Short GBPUSD 09:04 at 1.5168. Stop Loss @ 1.5182 Target 1:1 at 1.5145 +23pips
This trade hit it’s target of just 23pips in just under an hour; maybe a sign that as it’s a PH in the USA today the trading was going to be light. I could have gone for more with hindsight but as this was essentially a trade against the recent trends on cable I took profits at 50ema on the 1hr chart.
Trade 2 : Short EURJPY 10:22 at 109.98 Stop Loss @ 110.25 Initial Target at 109.70 -8 pips
Trade 3 : Short EURJPY 12:19 at 109.83 Stop Loss @ 110.11 Initial Target at 109.60 -10pips
As you can see here that I went short on EURJPY twice within a matter of hours. On the 1st Trade as shown on the attached chart, I went short when 110 was broken and aftera little piece of consolidation and support testing. price moved 10pips quickly then tested my entry and back again. At the 1st Entry test i moved my SL down to then new high on the move. This is an important management task to keep loses down to a minimum, this new SL was hit an hour after.
A new consolidation occurred for the next hour and I went short again when this was broken. Another 10 pips were gained quickly before my entry was tested and stop loss moved down. This time I took the trade-off without the SL being hit. It was 14:00 and I wanted to finish the day and end up in profit.
Don’t let anyone tell you different but trading is exhausting…..after 6 hrs trading I need to take a break, refresh and be positive for tomorrow. That’s why just taking a small profit for the day is psychologically important.