Monday, April 28, 2008

Busy forex morning

I was pretty much concentrated and emotions were low in their impact on me. Trades were half size to keep me relaxed and it worked well.

There was sell off in the morning that I didn't participated but watched, it sure kick me in trading mode.

First trade was when I get a clue that retracement off sell off and current trend will develop further. Exit was based on price that was going up but too slow for 660 level resistance of the morning dip. +17

Second trade I thought that little pop up will be good for fade and when it started to fall I shorted. But it came back and on 10 sec it shouldn't do it if the trade is right. Small loss about -1.

Third trade gbp and eur started slowly to gain strength. There was clear feel on 1o sec chart that there is buying going on. Trend up developed. I exit prematurely, but I brush off that feeling and started to look for more opportunities. +16

Fourth trade gbp looked like it's topping off with attempts to take out 900 level, eur wasn't strong any more and it was hard for eur/usd to take out 690 level. When it came back after spike up I shorted. I thought that it will fall harder to the bottom of the morning range, but it wasn't so fast as it should be after failed 690 level. Another scalp +14

In the end +23 full size pips.
Those cutting sizes and counting full size helps me psychologically. If I trade all with my current full size I wouldn't stick for 46 pips of profits. I would get lot's of pressure from emotions and who knows how I would handle trades. So I like this way of trading with small leverage. My half size trades are now about leverage of only 2.1 because my full size is still reduced from leverage 6 before the last big loss. I think that in the future I would like to trade wit leverage of 10 for full size but I still want to recoup to account highs before pushing size up.

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