Tuesday, July 8, 2008

Waiting for break out

First trade I patiently waited for long signal and 30 sec before I had to reconnect internet connection, than I finally got in about 10 or 20 seconds later. Market didn't move, I was waiting and than I had to go because of job related emergency and I didn't want to leave it on unattended. When I came back after 10:00 I was angry when I saw nice uptrend. Than I had that trade in yen that was emotional, it was to early for reversal to late for a scalp.
Than I entered short in eur/usd, I had close stop in mind. It was nice situation where something got to happen, new high or reversal.

Later I go long in gbp/usd because it looked strongest and ready to break out on it's own. It didn't move in my favour but it didn't show signs of reversal. So I was again patient. There was a major fight across the board at the attempted break out. Again gbp was strongest but others start to go back and I was because of it out. I did hope on brutal break out from 800 level but it didn't happen in the end.



Anonymous said...

Nice job, you seem to be getting more on track, sorry you missed that first trade this morning


whoops, clicked post before i put my name in!

FX said...

Yes, only thing is that profits you can count as before half size so they are small. Positions are bigger and will keep bringing them up gradually. Market is like that lately and I trade maybe little different with attempt to capture profit as soon as possible and avoid stop losses. Good thing is that stops are on my mind and I don't just go in and than think how will I manage trade if it doesn't work for me.


i understand, yes though, at least you are thinking more correctly now.