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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. 🙂

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