Wednesday, April 30, 2008

End the month with profit

My first eur/usd trade was based on pure momentum, but it didn't follow thru at first and I was in full size trade. Full size, momentum that stop means trouble. I averaged with gbp/usd shortly after because gbp/usd was weak and now it started to fall slowly so there was a chance of further downtrend after bounce. Both trades were full size an it is big emotional pressure on me. If they were half size I would probably ride them out easily. Eur/usd just didn't want to fall and I exit at b/e both positions when gbp/usd gave me enough profit to cover eur/usd loss.

After my exit downtrend developed and I was watching and cursing.

Than I got idea that this is range day and that it's just testing of bottom of the range. I entered now with half size again in eur/usd and gbp/usd. I was relaxed because size was manageable and this is just give it a shot trade if it works great if not get out with small loss.
It started to go my way immediately. Now I was positive that this is the bottom and that we have long way up. I was watching this on higher time frames 15min not 10sec as usual. That doji candle in eur/usd was really promising. Pound just shot up, Euro didn't and I saw a problem that usd was gaining strength against jpy again, and this was dollar move so I got to watch em all. At that moment I had nice scalping size profit and I just get out.
Later things started to go divergent gbp more up and consolidating and eur had big drop. I have +15 full size pips of profit and that's it.

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