Friday, July 17, 2009

07/17 Day Trading FOREX

Today was a good day, very quiet for most of the day, except for short burst of action at the top of the hour during 9 AM and 10 AM EST. I didn't take a few trades that worked because of their tight price targets and because there was something in the way to the target that could potentially stall the movement.

I took a great GBP/USD trade and a not so great AUD/USD trade. Here they are:

1) Long GBP/USD: Took this 1-2-3 continuation, there was room to the target, but for some reason I can't really explain, other than by saying I've been trading inside a tight range for too long that I got scared to take out a 1-2-3 continuation. So, I exited early.
2) Long AUD/USD: Took this as a breakout and continuation trade, I did not see that resistance line in gray, for one reason or another. Anyway, when the AUD failed to satisfy the target, I started my trade management routine: I sacled out after the Doji showed indecision, then I kept moving my stop for the remaining of the position. The results? I only lost 1/10th of my original risk.