mb325
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One trade yesterday and perhaps chasing it a bit. I'm most happy trading reversals as you (hopefully) are almost always getting in at extremes and its very obvious when you're wrong.
Continuations, particularly buys for some reason (which doesn't make any sense in FX!), I sometimes find difficult to commit to. Maybe I should limit any continuation trades to buying/selling into clean space, instead of into the middle of a range like the trade I have attached.
I only risked half my normal size on it for that reason, and I took a -.2 of my normal 'R' loss on it, so I'm quite happy with how I traded it. This is the kind of trade I need to be quick to cut if it doesn't run my way asap and that's exactly what I did.
Adjusting the amount I want to risk to suit each trade was not part of the original plan and, in hindsight, in the 3 or 4 examples where I've trimmed my risk a bit in the past couple of weeks actually trading my full size would've increased my returns dramatically. However, I have a long way to go and I'm happy to stay within my comfort zone whilst keeping an eye on how any adjustments I make would affect returns.
FOMC this evening so more than likely to be a day of sitting on hands and preserving capital.
Continuations, particularly buys for some reason (which doesn't make any sense in FX!), I sometimes find difficult to commit to. Maybe I should limit any continuation trades to buying/selling into clean space, instead of into the middle of a range like the trade I have attached.
I only risked half my normal size on it for that reason, and I took a -.2 of my normal 'R' loss on it, so I'm quite happy with how I traded it. This is the kind of trade I need to be quick to cut if it doesn't run my way asap and that's exactly what I did.
Adjusting the amount I want to risk to suit each trade was not part of the original plan and, in hindsight, in the 3 or 4 examples where I've trimmed my risk a bit in the past couple of weeks actually trading my full size would've increased my returns dramatically. However, I have a long way to go and I'm happy to stay within my comfort zone whilst keeping an eye on how any adjustments I make would affect returns.
FOMC this evening so more than likely to be a day of sitting on hands and preserving capital.
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mb325
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I've had some success trading news recently, sadly not in full size, but when cable tested yesterday's low to the tick following FOMC announcement last night I saw it as a good chance to sell a break of that level. Quickly took 0.5R off the table and then sadly got stopped at breakeven on the balance, although we did not make it much lower after this so all in all good trade.
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mb325
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Charts this morning, EUR/USD channeling and would like to sell at the top looking for a move through the lows.
GBP/USD nice longer-term setup with a Higher Low in a decent area, only thing putting me off is you'd be buying into a previous breakdown area, and it could also looks fairly corrective and could be in the process of channeling.
GBP/USD nice longer-term setup with a Higher Low in a decent area, only thing putting me off is you'd be buying into a previous breakdown area, and it could also looks fairly corrective and could be in the process of channeling.
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mb325
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Well the above trade got triggered whilst I was away from my PC so I could not manage it and ended up taking a full loss, not saying I would've done any better but I don't think i'll leave orders in when I'm not around for a while.
One other trade into the end of last week, on Friday I took the attached short setup on cable and took a small 0.2R loss. It didn't make it to my BE point and I pulled the plug pretty quickly, it went on to rally 100 points that afternoon, so well traded in my book!
I don't like the look of either of these pairs today, and Mondays have been a write-off recently, so will be more intent on sitting on the sidelines than normal.
One other trade into the end of last week, on Friday I took the attached short setup on cable and took a small 0.2R loss. It didn't make it to my BE point and I pulled the plug pretty quickly, it went on to rally 100 points that afternoon, so well traded in my book!
I don't like the look of either of these pairs today, and Mondays have been a write-off recently, so will be more intent on sitting on the sidelines than normal.
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mb325
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Have not traded yet this week, partly because work has been busy (I trade from work) and partly because nothing has jumped out at me. I thought it might be useful to get 'back into it' by doing some levels analysis on G/U and E/U.
Firstly, cable weekly, we can see we've basically been ranging since the drop in 2008.
On the daily, we had a large drop over 9 months into March of this year, a decent rally off the lows, and then a period of fairly messy consolidation since June. Until we break 1.6 I think bias is still short.
Drilling down to the 4h, these are the only levels which stand out, seems a lot of resistance up ast 1.55.
Firstly, cable weekly, we can see we've basically been ranging since the drop in 2008.
On the daily, we had a large drop over 9 months into March of this year, a decent rally off the lows, and then a period of fairly messy consolidation since June. Until we break 1.6 I think bias is still short.
Drilling down to the 4h, these are the only levels which stand out, seems a lot of resistance up ast 1.55.
