jrplimited
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Re: strange days.....
Hi N and all else,
A real tread carefully morning/early afternoon for G/U today as UK chancellor spins his porky pies about the "true" level of debt and how its going to be tackled. Also I'm slightly nervous about USA opening bell today as more truth is coming out about Dubai problems and Greece, as a country, looks to be heading the Iceland way - no, not to the shop!
So for this morning I used 11:00 as my cut off time for G/U trading and ran half normal stakes, whilst doing my normal thing with E/U and E/G pairs....
E/U Had a Buy stop order filled at 47378 during 08:30 bar and got stopped out (SL hit) just before the close of 08:45 bar for 18 pip loss - ouch! Second trade was again filled with buy stop during 09:20 bar at 47418 which proceeded to go into a shallow drawdown (panic!) and narrowly missed my SL by a few pips, got real lucky there as I was tempted to bail out instead of waiting as per my rules - who naffing wrote those?!! That narrow squeak paid off and price jumped up on the 09:20 bar, drifted down again without real threat a few bars afterwards, then jumped up again and drifted.... Sort of a rinse and repeat action for quite a lot of bars until finally taking out my TS during the 11:10 bar for 11 pips profit. I should have really closed out this trade earlier as approaching two hours in the market meant I was at a high level of risk - ie longer market exposure equals higher degree of risk.
Couldnt find anything to trade after this exit point as market flattened out.
E/G This pair looked to be screaming "short!" most of the morning after I had entered (umm, short!) on 08:15 bar at 90756, suffered a shallowish drawdown for two bars then rode the following southern slow train downwards before jumping off at 09:20 for 16 pips profit. I watched that retracement for some while until it started to turn around again and placed a sell stop at 90474 and this got filled during 10:35 bar. This second trade didnt show any threat until 11:35 bar where my TS was hit for a 14 pip profit.
Done that one for the day, especially as after closing the second trade price was see-sawing around somewhat.
G/U Very surprised to see this pair motoring along firmly upwards today from the start, given the economic statement release around lunchtime, so just proves that the market will do whatever it wants to do I guess! First trade entered 08:30 at 62326 long and I suffered a drawdown (what is it about today?!) for the following three bars with a MAE of just under 12 pips, then price jerked violently upwards and then retraced to take out my TS on the low of 09:35 bar (it actually was a nice up thrust bar, curses!) for 33 pips profit - a classic case of getting to close and not letting a trade breathe. I was very tempted to open a second long trade at the 10:35 bar opening, but given my cut off time for today and the fact that all trades were taking quite a while to mature, this was resisted thanks to me running outside very, very quickly for a tea and smoke break!
Obviously that is now finished for this session and whilst bashing my keyboard for this post I can hear the UK chancellor in background telling his fairy story and see this pair locking itself into a narrow range. Will it break out? Who knows and much might depend on what the final "stated" public defecit figures are, what extent the bank bashing "premium" might be and how he intends to fill this black hole from us already hard pressed tax payers. The markets will take wee while to digest these, so big caution there.
Trade well and regards,
Simon.
Hi N and all else,
A real tread carefully morning/early afternoon for G/U today as UK chancellor spins his porky pies about the "true" level of debt and how its going to be tackled. Also I'm slightly nervous about USA opening bell today as more truth is coming out about Dubai problems and Greece, as a country, looks to be heading the Iceland way - no, not to the shop!
So for this morning I used 11:00 as my cut off time for G/U trading and ran half normal stakes, whilst doing my normal thing with E/U and E/G pairs....
E/U Had a Buy stop order filled at 47378 during 08:30 bar and got stopped out (SL hit) just before the close of 08:45 bar for 18 pip loss - ouch! Second trade was again filled with buy stop during 09:20 bar at 47418 which proceeded to go into a shallow drawdown (panic!) and narrowly missed my SL by a few pips, got real lucky there as I was tempted to bail out instead of waiting as per my rules - who naffing wrote those?!! That narrow squeak paid off and price jumped up on the 09:20 bar, drifted down again without real threat a few bars afterwards, then jumped up again and drifted.... Sort of a rinse and repeat action for quite a lot of bars until finally taking out my TS during the 11:10 bar for 11 pips profit. I should have really closed out this trade earlier as approaching two hours in the market meant I was at a high level of risk - ie longer market exposure equals higher degree of risk.
Couldnt find anything to trade after this exit point as market flattened out.
E/G This pair looked to be screaming "short!" most of the morning after I had entered (umm, short!) on 08:15 bar at 90756, suffered a shallowish drawdown for two bars then rode the following southern slow train downwards before jumping off at 09:20 for 16 pips profit. I watched that retracement for some while until it started to turn around again and placed a sell stop at 90474 and this got filled during 10:35 bar. This second trade didnt show any threat until 11:35 bar where my TS was hit for a 14 pip profit.
Done that one for the day, especially as after closing the second trade price was see-sawing around somewhat.
G/U Very surprised to see this pair motoring along firmly upwards today from the start, given the economic statement release around lunchtime, so just proves that the market will do whatever it wants to do I guess! First trade entered 08:30 at 62326 long and I suffered a drawdown (what is it about today?!) for the following three bars with a MAE of just under 12 pips, then price jerked violently upwards and then retraced to take out my TS on the low of 09:35 bar (it actually was a nice up thrust bar, curses!) for 33 pips profit - a classic case of getting to close and not letting a trade breathe. I was very tempted to open a second long trade at the 10:35 bar opening, but given my cut off time for today and the fact that all trades were taking quite a while to mature, this was resisted thanks to me running outside very, very quickly for a tea and smoke break!
Obviously that is now finished for this session and whilst bashing my keyboard for this post I can hear the UK chancellor in background telling his fairy story and see this pair locking itself into a narrow range. Will it break out? Who knows and much might depend on what the final "stated" public defecit figures are, what extent the bank bashing "premium" might be and how he intends to fill this black hole from us already hard pressed tax payers. The markets will take wee while to digest these, so big caution there.
Trade well and regards,
Simon.
