Tuesday, April 28, 2009

Loose trading

Today I on purpose decided to trade a little bit loose. Last days price action on small time frame just gives me false signals. So today instead I bet that first of all eur/usd will brake that consolidation channel to the upside and when I entered that trade with 1/3 size gbp/usd started to look interesting also. Maybe I was too big for swing trading with two 1/3 size positions but I stayed with that now when I started. Action on gbp/usd looked really promising between 10-11h. Bad thing with my strategy was that I entered at the highs like I'm in break out trades. After 11h gbp gave me headache but I didn't want to exit and was thinking that usually lately good price levels don't last, so somebody will pick it up. I averaged there.
Later when things finally went my way at least at gbp/usd I exit it because I was generally wrong today, at least for now. Eur/usd didn't break to the upside and now that up action isn't really strong so I took +14 full size pips. At worst point I was around -25 fs pips.


HPT said...

Whenever I read your posts on your trading, I see randomness. If your making money consistently, then you must be doing something right.

I found this post helpful-

FX said...

I understand what you are saying. It is something like that because my trading is mostly based on trading what is happening that day, I don't have setups, I make them each day. Well I'm making money consistently until I go on tilt as Steenbarger says and then lose big. That's why I could totally relate to your trading back in a days before that filmed blow up when you would regularly make money, make money for days then blow up, get back, blow up...