Hi all,
Here is the Tuesday update for the three markets (last set out with chart in post# in brackets):
AUD/USD (post #72): Current 7878. We are flirting with danger on our Aussie 7820 short trade as the market tested 7900 today, our stop sits deliberately just the other side of the big figure at 7920. We will give it a chance to wilt at this barrier and will accept being taken out at the stop if it chooses to power on.
EUR/USD (post #72): Current 12404. After getting within 20pts of our 12250 stop, our Euro long has made an attempt to turn around and travel back up its trading range as we hoped, now sitting at 12404 and in profit. We will put an overnight limit sell on at 12450 to see if we can catch a nice 1:1 R:R trade on a thrust up overnight, so:
TRADE #11: CLOSING LIMIT ORDER TO SELL £1/pt EUR/USD at 12450, stop 12250, current open P/L +£54
USD/JPY (post #73): Current 10660. Yen has had something of a roller coaster ride today, at one point we touched 1070 and our long trade was £90 in profit before it fell back in the afternoon. We still stand modestly in profit so we will sit tight for tonight and see if it can have a second run to break through 10700 for us.
Daytrading Update: Just couldn't get in sync with the market today and ended up giving up in frustration with a scratch overall. I never like to try to force trades on days like this because it is more than likely I'll do something silly and regret it - and then compound the error in frustration/revenge etc. I've leaned just to sit through it, watch the market as if it is a practice day and only take a trade if it screams at me that I absolutely must. No such opportunity came along so we just sat it out today but I'm perfectly happy with days being wins and scratches, it's the big losing days I worry about about! We hope for better fortune tomorrow.
OK, order placed, back for an update tomorrow. In the meantime the next post is a further RANT to vent my irritation, appropriately on the topic of how to improve as a trader. The irony for today is perfect...
Account summary (closed trades): Balance £10,003 (0.0%) No. Trades YTD 10
Here is the Tuesday update for the three markets (last set out with chart in post# in brackets):
AUD/USD (post #72): Current 7878. We are flirting with danger on our Aussie 7820 short trade as the market tested 7900 today, our stop sits deliberately just the other side of the big figure at 7920. We will give it a chance to wilt at this barrier and will accept being taken out at the stop if it chooses to power on.
EUR/USD (post #72): Current 12404. After getting within 20pts of our 12250 stop, our Euro long has made an attempt to turn around and travel back up its trading range as we hoped, now sitting at 12404 and in profit. We will put an overnight limit sell on at 12450 to see if we can catch a nice 1:1 R:R trade on a thrust up overnight, so:
TRADE #11: CLOSING LIMIT ORDER TO SELL £1/pt EUR/USD at 12450, stop 12250, current open P/L +£54
USD/JPY (post #73): Current 10660. Yen has had something of a roller coaster ride today, at one point we touched 1070 and our long trade was £90 in profit before it fell back in the afternoon. We still stand modestly in profit so we will sit tight for tonight and see if it can have a second run to break through 10700 for us.
Daytrading Update: Just couldn't get in sync with the market today and ended up giving up in frustration with a scratch overall. I never like to try to force trades on days like this because it is more than likely I'll do something silly and regret it - and then compound the error in frustration/revenge etc. I've leaned just to sit through it, watch the market as if it is a practice day and only take a trade if it screams at me that I absolutely must. No such opportunity came along so we just sat it out today but I'm perfectly happy with days being wins and scratches, it's the big losing days I worry about about! We hope for better fortune tomorrow.
OK, order placed, back for an update tomorrow. In the meantime the next post is a further RANT to vent my irritation, appropriately on the topic of how to improve as a trader. The irony for today is perfect...
Account summary (closed trades): Balance £10,003 (0.0%) No. Trades YTD 10