Wednesday, June 23, 2010

Profitable but risky

First trade had too deep stop for my kind of trading, -17 is too much for momentum continuation trade. There is no more momentum that deep behind
Second trade wasn't good one, purely reaction to being stopped and wanting to get even, I gained 7 pips on it.
Third trade, I don't know I guess it was ok. I didn't want to get stopped on it just because range is big. Then I averaged and was correct about timing. Just when things broke resistance and I was in very nice profit I was moving my take profit line deeper up it reversed so violently and I couldn't believe it. I froze and entered in bad mode - all or nothing. So I waited with double position through the news time where spread is 20 pips with stop 50 pips below my entry. I was lucky with market reaction to the news. All move was on back eur/gbp as I see it. Eur/usd didn't follow up so it was limited. I gave it a chance for much more but it didn't went that way. I closed where I closed because at the bottom of new formed range my profit would be 30 pips lighter.

Risk : reward is 0.5R in the end, not too bright. I'm not yet mentally recovered from last week's incident because this today isn't stable trading.

+56 pips

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