Oh well another early start followed by another early morning break out opportunity for me on GBPUSD.
As you can see at Point 1 I was offered a breakout opportunity which broke strongly not long after setting.
Once again I was concerned that we were near a Big Round Number and also the 4 hour chart was butting up against the 200 MA so there was plenty of resistance. But hey-ho this set-up doesnt happen very often so I just follow the plan and set the trade.
Price ran north and hit my Break-Even point. This is were after moving so many points my stop loss gets moved to entry and I stay in a risk-free trade.
Price went about 35 points in my direction before topping out and then reversing strongly. It came back and hit my order at entry for a scratch trade.
So two trades this week on this system and two scratches. I think that has been due to price butting up against resistance and stops being hunted as I explained in my last post. That’s just trading. Tomorrow is another day.
January 22, 2010 at 5:09 pm
Many people just blow this stuff off, and I believe that their investing ability suffers because of it. There is a major tendency to wait for shortcuts that many folds wind up shooting themselves in the foot. A nice look at the real world helps everyone to maintain our bearing in a pitiless market.
January 22, 2010 at 9:35 pm
Too many people pay little attention to this stuff, and I believe that their trading ability is lacking in the end. There is a major tendency to wait for the easy way that most people wind up doing more harm than good. A nice look in the mirror helps us all to keep a sharp focus in a pitiless market.
January 25, 2010 at 7:54 pm
Good points!