Tuesday 16/02/10 – Losing day, 2 trades, 1 scratch, 1 loss -15 Pips

So a short entry here as I catch up with my work.

Tuesday was a day I was heading into London for meetings so it was just a quick couple of early morning breaks before I headed out the door.

I had two early morning breakouts set-up on GBPUSD and EURUSD.  I’ll just focus on EURUSD here as that was the losing trade.

 Eurusd had been in a steep uptrend over night and had set up for an early morning breakout.  It hit my entry order for 1.3660 and tickled its way north before falling back and hitting my stop loss for -15 points.  Nothing wrong with that, it happens.  What was perhaps interesting was that after price fell back and touched my stop to the pip, it inched north again.  Had I decided to re-attack (something I’m loathe to do on a system trade like this) then I would have had a break-even trade.  As it was I did not re-enter and therefore took a small loss of -15 pips.

I also took a similar trade in GBPUSD which had also been in an overnight surge north.    However it was evident to me that Cable was running through treacle on its way north and that it would struggle to get any further north.  After the EURUSD trade fell back and hit stop loss I made a decision to move my stop on my GBPUSD trade to Break even.  Not long after that price fell back and hit my stop for a Break Even trade. 

So 2 trades, 1 scratch and 1 loss for -15 or -1%.  That’s ok.  No probs with that.