Trading Update.
We did not take any trades yesterday as we did not see any decent set ups. If we do not see a high probability set up we do not trade, its as simple as that. I am not going to trade just for the sake of trading.
The object of what we do is to take as much profit from the market as possible when the odds are in our favor.
Having said that we did miss a Euro long trade by around 3 pips which was annoying, but we don’t chase trades so we let it go. We enter trades at the best possible entry point to enable us to make as much profit from the move as we can.
Some of these high probability trades will only give us around 10 pips, so we do not want to run the risk of chasing after a trade when its missed our entry by 3 or 4 pips just to try and make 5 pips. If the move reversed on us we would be playing catch up, and that’s not the way we trade.
Today was a better day. We took 2 short trades one on AUD and one on Euro, and banked 24 pips. Trades are below.
DEAL 30/10/12 Spot FX EUR/USD DFB 12971.5 12960.2 +11 pips
DEAL 30/10/12 Spot FX AUD/USD DFB 10381.8 10368.9 +13 pips
The market was not particularly good trading today. The US had very limited trading because of the hurricane Sandy, so volumes were pretty light. I don’t think this week is going to be a very good week for trading at all with the US problems. We set ourselves a weekly target of 100 pips profit. We should easily do that but i will be surprised if we get over 200 this week. We only trade 4 pairs so we are limited on what we can achieve.
I am considering adding another couple of pairs to mix, or maybe some commodities. I will keep you posted on that.
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