Friday, May 4, 2012

May longer term trades

Long this pair, daytrading decision based on market that was moving. Forty pips target and stop. So no real conviction about the trade. After my entry it stopped moving up, so I decided to abandon this idea at b/e.

Later pair hit target, but I'm not disappointed in my call. It was momentum based call based on my scalping thinking, probably not so effective for longer term plays. Too close stop to let it play around. 

Nzd/usd broke the range on daily. This is very late entry. Hundred pips R. Basing decision that this kind of break will have real follow thrue. Maybe it would be wiser to wait for some kind of setup for entry, not jump in just because I'm analyzing the market right now. Maybe 100 pips stop isn't enough if move test break level first.  
Decided to take profit at 0.6R