Wednesday, March 24, 2010

Market wilderness

Untypical market with lot's of going on isn't making things easier on scalping front. On my first entry with some slippage gbp/usd tried three times in fifteen minutes to break above with no success. Then when it did it painfully stopped and refused to move with ease and strength which should be expected. So there I shake myself out from pretty much risky trade that I held for long time just when it broke out.
Second gbp/usd trade was intended to capitalize on all longs that are getting in red with now market moving down. It didn't move much on eur/gbp so it was only half success.
In a mean time usd/jpy was flying up like crazy. Then suddenly eur/usd started losing ground and it was obvious on 5 min chart that those lows are going to get hit. Well it lost some prior to my short but it was all recoverable. I was lucky to notice change of speed that happened 30 seconds before the break down and had successful entry. Add to all volatility today that Oanda's platform was problematic and after break it completely freeze. That's rare to see on Oanda but probably at least ones a year.
Few days ago I decided to stop widening my stop beyond my predefined take profit level of twenty pips when market is moving my way. When I move it I usually punch out sooner then my original t/p. So this way I can at least have goal oriented tension to wait out for green dot.
If Oanda didn't have problems I would probably trade more because my adrenaline was up, but there wasn't much tradable action anyway because some kind of low was formed up.

+22 pips


Black said...

great trade FX. Euro and Yen are pretty off ground today. I took a small scalp off eur/usd's downtrend.

hope all well with ur platform :D

FX said...

Thanks Black

daytrader233 said...

Hey FX,
Where are you in this great big world? If you don't mind me asking.

FX said...

Southeast Europe

daytrader233 said...

Ahhh...okay. Cool.