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Jul 20

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Tuesday July 20th: Profit and 25miles

2 Trades today and a 25mile bike ride.

I am preparing for a 120mile ride next week in aid of Great British Childrens Hospital : Great Ormond St. Any donations would be gratefully received from your trading budgets !  :-) http://www.justgiving.com/bikeridetothesea

Trade 1 : Long EURGBP 09:20 @ 0.8515.       LOSS -33 PIPs

This trade crashed and burned, but showed promise to start with. As the EUR was weaker in relation to Sterling which is of course what this cross is all about. I saw sterling take a tumble and I took a ride on EUR long vs Sterling to Daily R1 point. It reached the daily high of yesterday and then fell like a rock to my Stop Loss. I thought many times about taking the trade-off the table, but my stop-loss was the logical testing point of the trade.

PIVOT_EURGBP_200710

Trade 2 : Short GBPUSD 10:31 @ 1.5220    Max PROFIT +60 PIPs

Here I found the longer timeframes converging on a short position, so I went for the Triple Hit today and split my trade into 3 and went for 15/30/60 PIPs for each 1/3rd. After T1 was hit I moved my SL to -5 pips, after T2 I moved to my entry point.  I could also have taken this trade a little later on EURUSD but as I was already long USD on one pair I left it alone.

Currently I have 2 Longer term trades “in play” at the moment. I am Long CHFJPY and Short GBPCHF….

After the activity of  the markets I went in search of some fresh air and rode a few miles to help me get in shape for the ride next Thursday.

So I am looking on course to have my 1st Profitable month since starting this business…….hold steady and no blow ups please.

Happy Trading

Jimmy

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Permanent link to this article: http://intradayforextrading.co.uk/2010/07/20/tuesday-july-20th-profit-and-25miles/

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