Friday, May 14, 2010


I had bias this morning, again that it can't go lower so easily. It did surprise me that 1.2500 level on eur/usd was breached. Luckily gbp/usd was more stable then eur/usd so it defended 540 support and based there.

I want to mention one flaw that I noticed in my approach today. I was adding new positions on marginally lower prices. I don't get much leverage from trades averaged that way in a sense that it doesn't give me better price. So basically I'm just getting my position and my risk bigger. I have a feel where to average so I do it on those places but in this flat range after I add second position it would be much wiser to take it of when it has scalp profit. I marked 1. and 2. on chart where I could close second position with some decent profit. Also 3. for third position.
What if at 10:27 when it reversed shortly price made new low? It would be much better at that situation that I have only one position and that I took several profits before. First one can always stay to catch reversal that I'm looking for.

+38 pips

(Trades were half size)

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