Monday, July 6, 2009

07/06 Day Trading FOREX

Today we were trading in a tight consolidating channel for 2 hours. There were a few moves, but very small and quick in nature. No major break-out.

I traded 4 set-ups, 1 win and 3 losses. Out of the 3 losses, the market ended up moving in the direction I was expecting 2 times, but it first hit my stop. Now that I am working on adjusting my stops, this had to happen, right? The market has really interesting ways to test your convictions.

1) Short EUR/USD: Took this sell out of the top of the channel, there was room to the down-side. The market basically went flat and oscilated up and down, hitting my stop before going down.

2) Short USD/CHF: Took this sell on a down-side break of my trend-lines, there was some oscilation, no major heat, it made the target as expected.
3) Long GBP/USD: This one I made a mistake: Closed the position based on P&L only, My initial stop was 8 pips, however, when I entered the trade, I got filled a few pips up (3 to be exact) and when the market did a small oscilation, I closed the trade. Propper execution would be keepign the stop at the low of the entry candle.

4) Long AUD/USD: Took this with an entry order, it didn't fulfill expectations, I adjusted my stop and exited the trade with 1/2 the risk.

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