Wednesday, July 29, 2009

07/29 Day Trading FOREX

I only had about 45 minutes to trade Today. I wasn't expecting much, but decided to get in and do my usual trading preparation routine. At least it would keep me in the habit of doing it on a daily basis. Luckly enough, I spotted and took a set-up that showed up on the EUR/USD pair.

Capital Allocation: A+ Properly allocated for the trade
Keeping Limits: A+ Sticking to a price target is extra difficult because I trade with a group and the folks there advocate for taking small profits. I've posted before regarding my strategy when it comes to risk : reward and taking profits. So I have to be confident in what I'm doing when everyone is jumping off the trade as soon as it moves 1 or 2 pips.
Stop Management: A+
Trade Set-up: A+ Spotted a good set-up and took it without hesitation.

1) Short EUR/USD: This was a 1-2-3 continuation trade, notice there was room to reach the target and no visible price support before the target. With that information I quickly added my lots and took the trade. +3.5% ROI.

No comments:

Post a Comment