Monday, July 13, 2009

07/13 Day Trading FOREX

Today was a good trading Day, yes, I finished the day positive, but more important than that is that I observed and traded the set-ups that appeared. There were quite a few more that moved too fast for me to catch, but you can't get it all.. Above all, I was a lot better adjusting my stop Today, as I keep on doing so, the task gets easier and automatic.

1) Short USD/CHF: The first trade of the day didn't work out, I took the sell when USD broke the wedge, got a few pips positive, but it never made the target and bounced back up. I adjusted my stop, so saved a few pips there. Had to keep a cool head, it is never easy to start the week and the day with a negative trade.

2) Shor EUR/USD: Took the trade when it bounced from the top of the trend-line, it reached the target, it wasn't a quick trade, took 6 minutes to get there.

3) Short AUD/USD: Likely to be the best trade of the day, Sold the AUD when it broke my ascending trend-line, a good trend reversal, made its target in less than 1 min.

4) Long AUD/USD: Once again, got on a trend-reversal, took the trade after the retracement, it made its way to the target in less than 1 min. again.

5) Short EUR/USD: I admit I didn't keep it cool during this trade, it was the end of my trading day and maybe I was too tired to stay in the trade, or maybe didn't want to go negative again. Nevertheless, took this continuation of the down-move when price bounced from my trend-line and made new lows, it oscilated for the first few minutes and I started scaling back of the position, ended up with just a few pips. It made the target.

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