Wednesday, April 9, 2008

Thin and range market

Ugly, thin, range market and me trigger happy. I lost quickly on first trade. I shouldn't trade in the first place. Second was also questionable why to take it. I took profit to get to b/e. That's problem with close stops you want to make back what you lost just before and so don't want to risk and stay in the profitable trade. But it's better than average yourself to the death.

Later there was positive gbp news so I played for an breakout up on gbp/usd through resistance 720 with half position. I averaged down with another half. It still didn't have strength to go up so I made an exit at b/e. Again strength so I opened another half position. Than I noticed that euro is creeping up I opened full position in it. But gbp/usd wasn't following. So I got loss on gbp and gain on eur. I expected two of them to fly up, they didn't. So I took exit for all because I was positive and didn't want to have reversal on those two positions.
They did go more up but not big, if I waited I would make money on both positions.

Finally it stalled so it looked like it will reverse back. I didn't want to go in gbp/usd short because I was afraid that it could violently snap up in a second. So I took double top bet on eur/usd. I was patient but not patient enough. I took 6 pips just before it broke down 6 more.
Gbp/usd through that time fell nicely but it's more risky pair, bigger spread etc..

Good thing about my trading is that I trade more freely watching 5min and bigger picture, more strategically. It's hard lately to just pinpoint exact moment to go in the trade with small stop and take a scalp.
Lot's of trading today and only about +10 pips of profit. It's ok profit but it could be more on every trade if I played it better.

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