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Jul 27

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7 Trades today, but 0.5% Down

I wanted to hit the day running and got off to a great start with 2 winning 1:1 trades with a Long on CADJPY and USDCHF. As it turned out I could have taken these to 2:1, which with hindsight is what cost me today. Not being particularly comforatable oustide of my EURUSD and GBPUSD zone, I was rather tentative with my early trades which meant when I hit a 3  losers in the later part of the morning I end up down on the day. How many times do you hear – let your profits run ?!!! With most winning strategies barely over 60%, from my research, it is so important to target at least 2:1 with each and every trade.

I hit, what I thought, was an excellent long trade on GBPUSD only to get taken out by 1 pip on my stop loss, then the move went in my direction……grrrrr. 1 pip really changed the type of day I ended up having.

Anyone else thinking that the markets are kind of reaching the end of some major cycles hence the flip flopping ?

1 Day left in the month and before my 120 mile bike ride to the Norfolk Coast. Thanks for the sponsorship I have received so far, anyone else like to pass a buck or a pound via paypal and help a very worthy cause please visit.mm

http://www.justgiving.com/bikeridetothesea

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Permanent link to this article: http://intradayforextrading.co.uk/2010/07/27/7-trades-today-but-0-5-down/

3 comments

  1. Peter

    Lucky you. I am down 2% for the day, because I missed the sniper on cable, and the other pairs we being VERY annoying!!

    I think we are seeing some sideways action, and I am looking forward to when all of that breaks out. I took a short on EURNZD today and it’s still on, but I think it’s going to turn. The same goes for EURAUD. When that turns upwards I will wait for a retrace and then hopefully take it all the way.

    I always go for 3:1, unless there is a major S or R, but it has to be more than 2:1 like you said.

    If I don’t hear from you before, enjoy your bike ride!!

  2. FFXD

    Seems like a bad day to trade. I lost half a percent too. Good luck for your next trades and your trip to Norfolk.

  3. Jimmy_FX

    Yeah, EURAUD has a strange pattern on 4H Timeframe. Certainly gives the impression it’s heading north at somepoint, although the recent sideways action has a slightly different look than the period between 9th-14th July.

    I’ll try and enjoy the ride, thanks, but it will be difficult, most I’ve done is 60miles in 1 day…..Chicken jalfreizi waiting for me at the end though :-)

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