08/11 Day Trading FOREX

I was just about to tear myself down on the blog for having another negative day. But then, after reading another great chapter on the Day Trading Coach book, I realized it is my job, as my own coach, to emphasize the things I did right, and continue to improve upon whatever needs work. So, there were several great things during our trading session Today.

First off, I managed to stay focused for most of the day, even as there was a loud beating noise due to construction here in the apartment. I stayed engaged with the trading room and called attention to several engulfing candles. These trades don't fit my entry criteria, so I didn't take them, but others in the room did.

I was also aware that we were approaching high points on the EUR/USD, GBP/USD and AUD/USD, and mentioned I was looking to SELL if we started to break down on my trendlines.

As it turned out, the market did sell off, but I only had a clear entry on the EUR/USD, I didn't take the trade because the 4150 level was in the way. I later discussed in the room, and some of the folks have been placing less emphasis on these levels and more on the round 00's. So I'll review price behavior around the 50's levels.

Lastly, I avoided a few trades that would end up being scratched because they had important support points ahead of them.

Well, as it turns out, the one trade I entered failed. Even so, I managed to properly get out as soon as it triggered my exit strategy (stop), others in the room took a much larger loss by hanging around with the trade.

1) Short EUR/USD: Took as the path seemed clear, the 10 AM announcement was over and the futures were pushing to new low points. EUR/USD halted and bounced back up. Exit properly as price passed the previous candle's high. -0.46% ROI