Monthly Archives: September 2012
Thursday And Friday Trading 129 Pips Profit.
Hi folks, sorry i did not update you on trading yesterday, but i was a bit pushed for time as i was teaching yesterday.
Yesterdays trade was AUD short for 20 pips. Entry was 10298 exit was at 10278. Today we took 4 trades. The first trade was Cable short for 30 pips. Entry was 15973 exit was 15943. The second trade was Cable long at 15929, out at 15997 for 68 pips. The next trade was EJ short at 10039 exit was at 9998 for 41 pips.
We also took a Euro short at 12690, that was stopped out for 25 pips loss. Total pips today are 119. Total pips for the week are 326.
6 Trades Today 109 Pips Total.
First trade of the day was an EJ long at 98.03 closed at 98.39 for 36 pips profit.
The next trade was on Euro Dollar. We had 2 potential entries short so we split the position between the 2 entries. The first entry was at 12536, this trade went into a little profit before some news came out that sent the Euro up and hit our other short entry at 12540. Both trades went into negative pips by around 16 and 12 pips respectively. We don’t trade news but we are aware of it, and how it can affect the price.
I decided that based on the news release the 2 trades that i took were going to fail, so i looked at getting out of these 2 shorts as quickly as possible, and with as little pain as possible, as i thought the price would go higher, and in fact it did.
When a trade or trades fail, the first thing you should do is not panic. When you panic you make bad trading decisions. I quickly assessed the situation and looked for a possible exit from the 2 short trades. Now the price rarely moves too far in one direction without some form of retrace, so i set my exits based on a retrace of the move higher, at the logical entry point of a new long trade. The logical long entry was around 6 pips below my first short entry at 12536, (12530) so i set a limit order to close both trades at 12533 to be on the safe side. The price came back and hit 12531 so i just managed to get out of my 2 trades for 10 pips combined. The price then proceeded to move higher.
The 4th trade of the day was a short trade on Cable. We entered at 15898, and closed at 15887 for 11 pips profit. My initial target for entry was 15901, but i had to allow for the spread so i went in at 98. The price actually went as high as 04 before it started to come back down, so i could have set my initial target and still got filled, but id rather get in a few pips early than miss the trade.
My 5th and 6th trades were Euro short at 12610 and closed at 12590 for 20 pips, and entry short again at 12620 and closed at 12588 for 32 pips profit.
There was a lot of news out today that affected the markets. I was initially expecting a move down today, but the positive news drove prices higher. There is an ECB meeting tomorrow so i am expecting some volatility. I am sure we can get some good trades again. 🙂
3 Trades Today. Profit Of 98 Pips Combined.
As we are slowly getting back to normal trading volumes, trades were thin on the ground again today. We had a buy limit set on AUD at 10226 that triggered in the Asian session. We closed that this morning at 10270 for 44 pips. I also took 2 Euro shorts this afternoon, and banked 34 pips and 20 pips respectively.
We had 2 potential entry targets on our Euro short trades, so we split our position between the 2 targets. The first entry was at 12583. This trade was playing out well when the UK PMI data which should have been released tomorrow was leaked today, so Cable shot up and took the Euro with it. Our second entry triggered at 12597 which turned out to be the top of the spike which was nice, and Cable and the Euro then proceeded to fall back taking us instantly into a nice profit. I love it when that happens. 🙂
We had an initial exit target for both Euro trades at 12541, but Euro bottomed at around 57 and looked like it was going to move back up so we closed out of both of our positions at 12563.
Based on one of my high probability Forex trading strategies that i use, i expect the Euro to hit the 12535 area either in the Asian session, or UK session tomorrow morning. So if we get a move back up I may set another short trade to target that area.
Very Thin Trading Today
No trades today. Very little happening as the US are on holiday, so i decided not to trade. I don’t force trades, so if the set ups are not there we do not trade. I am sure we will have some opportunities tomorrow. I will keep you updated on any trades we take. If you are trading this week have a good one, and i hope you get lots of pips. 🙂