November 19, 2009

FX Trading, Trading Set-ups

No intraday trading for me today, as I had a meeting in London. Left home at 0700 hrs but still had time to place a nice little set play of mine. Nice 5:1 reward risk ratio – it’s my secret weapon.

I was gutted that I wasn’t going to be able to trade today, but when I looked at the cable chart I thought ‘YEEHAR’ there’s my baby.

Before I left for the office I placed my order to expire at 0930 if not triggered. Entry long @ 1.6613 Stop @ 1.6598 Target 1.6688.

Risk 15 pips. Reward 75 pips.

Trade placed – I left home.

I sat in that office all morning..bored..bored..bored and wondering about the trade. No laptop with me so I couldn’t check. But where there’s a will there’s a way. Right?

Out comes the ‘Who Wants to be a Millionaire’ lifeline. I called a friend.

‘What’s the price on cable?’ I asked.

‘It’s 1.6668’ he said. ‘High so far 1.6699’

Ok so in my head I’m thinking there is a high probability that I am now 75 pips up on a day when I didn’t even trade…and I certainly wasn’t in front of the screens.

Now THAT makes going to a boring meeting worthwhile, doesn’t it?!!!!

I drive home with a big smile on my face.

Lesson of the day:

1. If your set play materialises – take the trade

2. Sometimes it’s better to let your trades run their course – if I’d been sitting there watching it I’m sure I would have been caught up in all the emotion of watching those little bars going up and down.

3. It’s very satisfying to know that even though I was not trading today I still had something in my bag of tricks that made a day away from the screens worthwhile.

HAPPY DAYS & A Pub Lunch yeah!

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