Thursday, August 13, 2009

08/13 Day Trading FOREX

I had a very short trading session Today. I wanted to take my trades and go enjoy the morning with my wife.. Take a break, relax a bit. It worked out perfectly, there were two trading opportunities and I'm glad they came up very early in the day.

Just in time: I'm glad I narrowed my focus to the GBP/USD and EUR/USD currency pairs. I was too spread out by watching 4 pairs at once and it led to a bunch of execution mistakes. By reducing the number of pairs I watch, I can expand my FOCUS in execution and maintaining good trading ideas. It is a lot easier to stay in the flow if you track only a few pairs, you get a sense for how they're moving.

Let's talk about Today's trades:

1) Short GBP/USD: Noticed this break-out and reversal forming, didn't hesitate to enter, got in with a contingent order. Price oscilated before going to the target. It actually came short of triggering my limit stop, so when it started to go against me, I exited the position with a small profit. As it turns out, the GBP did reverse after that, so exiting and taking profits saved me from a loss. +0.15% ROI

2) Long EUR/USD: Out of nowhere, prices started FIRING up.. It all happened way too fast, but there was a trend-line breakout and retracement on the 5-min charts. Since it happened inside a 5 min. candle, I'm posting here the 1-min chart. I took my entry once price retraced from the high, and rode it to the target. +0.94% ROI

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