Monday, August 17, 2009

08/17 Day Trading FOREX

Today was a great trading day! I was happy with the way I handled the set-ups, I think there is still room for improvement while managing the stop exits, but this is improving by a lot, specially in the 5-Min charts.

1) Managing Exits: B (While I made a mistake on the 1-min trade, I did excelent well on the GBP/USD trade)
2) Trade Set-up: A+
3) Big-picture assessment: A+ (Noticed very clear bounce point on GBP/USD, was looking for short opportunities)

1) Short GBP/USD: I noticed we were fading the top on the GBP and wanted to get on the post-announcement move. I failed to manage the stop on the trade, it was a 1-min chart so the action was fast and I didn't stay on top of it. One way or another, the next time this happens I'll be on top of my exit. If I had exited early enough, for a small loss, I'd still have energy to re-enter the trade a few minutes later when another fading set up showed up and worked. -0.96% ROI

2) Short GBP/USD: Here I managed the exits properly! I stayed on top of the trade and kept moving my stop. It took a lot of focus not to hit the exit sooner than the planned limit, specially after the EUR/USD trade failed. But I'm proud to say I stayed in the trade as per my plan. +0.94% ROI

3) Short EUR/USD: Happened a few minutes after the GBP trade, it reverted and whipsawed, hitting my stop right away. Not much I could have done to save the trade. -0.87% ROI

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