Thursday 18/2/10 – 3 Scratch and 1 Winner for +60 pips / +8%

No trading yesterday as I’d been in London on Tuesday and didn’t get home till midnight so I decided to have a day off trading and focus on other tasks.

So back into it this morning and  a quiet overnight period meant there were a few nice set-ups appearing when I sat down at 0530 to start my day.  I placed orders on GBPUSD / GBPJPY / EURJPY &  EURUSD.

After waiting for an hour or so (where my next evolution of trading set-ups was discovered) all of those orders triggered in that order over a period of about 15 mins after the European opening at 7am.  There then followed a period of hard focus as my 4 positions moved towards their B/E point either swiftly (in the case of GBPJPY) or at a slow trundle (EURUSD).

Within 30 mins of positions opening they were all at their B/E point and I allowed myself a slight smile as I now had now risk on the table and was looking to see if any would go onto greater profits.  Well I may have been a little hasty in my desire for profits. No sooner had my positions hit their B/E points ( approx +20 / +25 depending on which currency) they all turned tail and headed back to my entry point which was now my stop. Withing 45 minutes of opening my positions 3 of them (GBPJPY / EURJPY / EURUSD) had opened, hit their Break-even point, returned to entry and been stopped out for scratch.  Oh well C’est La Vie, that’s trading life.

I was now left with only Cable open.

On the chart:

Point 1 – Is my entry point

Point 2 – Is my Break-even point

Point 3 – Is my Closing level at 1.5583

So I closed my trade at 1.5583 for +60 points which worked out as a 4:1 Reward to Risk or +8% for the day.  I could have re-entered my other positions or added to this one but I shall leave that for another time.  Overall I’m happy with the results of my day.

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

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2 Comments on “Thursday 18/2/10 – 3 Scratch and 1 Winner for +60 pips / +8%”

  1. James Gillespie Says:

    Hi Paul
    Nice trade on 18th on cable.

    I rejected that trade as on breakout at position 1 the potential reward to Pivot Line R1 (1.5621) with a stop at 1.5690 would have been less than 1:1. So my question was do you not use pivots or was there something that led you to ignore r1 on this occasion ?

    Second question, you mention 8% on the trade – do you trade 2% per trade generally ?

    regards
    James

    Like

    Reply

    • FXTraderPaul Says:

      Hi James,

      Thanks for your comments and feedback. In answers to your questions:

      1. Pivots Points – I do watch pivot points and take note of them when I’m in a discretionary trading mode. I like them as targets for trades or as areas to take some profit from an intra-day trade. In this particular case I was just trading a breakout system that does not take pivot points into account.

      2. R:R – You are correct that on this trade I risked 2%. Normally on my own discretionary trading I will risk 1% max (usually between 0.2 and 0.5%) but this strategy has a good expectancy and rarely triggers so I am happy with my Risk Managment.

      Thanks again for the feedback. Keep it coming!

      FXTrader Paul

      Like

      Reply

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