Monday, April 7, 2008

Slow morning & too exciting afternoon

I was watching from gold to eur/chf to try understand what will happen next in euro. It's not market that I like. It was slow, slow uptrend. First I tried to go with the trend but there were no momentum and I had an exit in second eur/usd trade just to cover loss from the first one. It's like that when you trade on such small s/l and momentum driven situation. Later I wanted to go short. My thinking was that resistance will kick in as we are approaching levels from Friday that were heavily in loss through the last night. It's kind of swing trading for me and I decided to go in but with half position to give myself easier sitting in that intuition trade. Than I averaged with another half.
I was contemplating with making that swing trade, probably I would if eur/usd broke down heavily when it broke the trend line. But it didn't and I'm adding my scalps nicely and for that I took the profit of +7.

I had one little momentum gbp/usd trade for 20 second and +3 pips.

Afternoon session was really hard for me. I saw that gbp/usd is strong and that it's attempting to take out previous high. I just saw that some forces are in market that are pushing it higher. I'm usually scared to go long at that point because it's pretty much high. Than I fade it because it's emotionally easier and I lose.
This time I went long. It was slowly getting up as other currencies and than it broke down. I averaged when it bounced of around bollinger band on 1min t/f. Little up and than again down. On 10sec chart it's easily seen that there really are forces that are buying, but who will be the winner. I really saw that I have a chance and usually I stay in losing trade when I don't have any chance, so let's now try to stick with this one.
Than it started to ascend, slowly but without down ticks. That was it, it's going up. I was in the profit but I pushed button earlier than I should to get out. I don't blame myself. I was -30 pips 5 minutes ago. I got +16 pips on that trade. It could be 30 more in next minute on two positions but I'm ok with what I got.
Moral of the story is that I stayed with the trade that I believed in based on real market action. Too much risk for my usual scalp trading but it was going with the trend. I'm getting better. It would be all fine if I started with half of position, but I was pretty sure that the brake to the up will come so I went full.

In the end +26 pips today

1 comment:

4x For Life said...

Ya Killin me kid, just kidding got a site I want you to see.

at least you can get 20 a day. and on my site i have a link to another if you would like to see? Just trying to help bro.