Monday, February 25, 2008

Long trading day

For me it's better not to do any long term TA if I'm not prepared to trade that. Yesterday I was busy with analyzing the markets. Today when setups came I didn't want to take them and what I do in situation like that I take opposite trade.

First in aud/jpy I found 99.50 as big resistance point, there was action around it and I didn't take side in direction of break out. Luckily I got out on b/e on minor reaction. Also in usd/jpy bigger time frame chart reveled that break out through trendlines failed and that market is heading up. I short it because it's up too much. +1 pip

Not very clever trade in usd/cad, no reason for it. +2

This was best trade of the day. I sensed that market is in for break out up at the right moment and follow that information with the trade. It staled for too long for a b/o and I took +5.

Here I was betting on possible melt down, because it started nicely to go down and than bounced near 800 level. Too long, I was happy to take out something. +5

News feed earlier said that market is heading to take out option barrier at 160. When action stopped I was hoping on fast reaction back to 160. +5

For me very ugly day for trading and I was in the morning totally in bad mental state for trading decisions. It's always better for me to scalp fast and don't think too much.
+18 pips for a day

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