Tuesday, July 21, 2009

07/21 Day Trading FOREX

Not a good trading day Today, I have to review the video to see if I can spot particular patterns showing up that caused me to have bad decision making. One thing for sure is lack of sleep and excercise may be building up and taking their toll on me.

Capital Allocation: A+
Keeping Limits: A+ I almost closed the winning AUD/USD trade sooner than the target, but stayed with the trade as planned.
Stop Management: A+
Trade Set-up: C Took two trades that were not the best, one was without the retracement, the second bad trade was against a strong trend.
Daily Result: -4%

1) Short USD/CAD: I took this trade without waitting for a decent retracement, as it happened, "I took the retracement" and it hit my stop. This same set-up at the lower point worked after it retraced. -3.58%

2) Long AUD/USD: I took this as a 1-2-3 continuation, there was room at the top and it made the target. There was some hesitation but not enough to keep price from moving up. +2.97%

3) Long USD/CAD: Took this trade, it was against a strong down-trend, and I thought we'd reverse, bad thinking. It hit my stop right away. -3.4%

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