It’s been a pretty cool trading day today.
Not one of those range busting pip days we have been seeing recently but a lot more of the ebb and flow that I like to trade.
Chatting to Paul on Skype this morning both of us were looking to see what was on offer. Funny thing is he managed to talk himself out of going short on GBPCHF and I managed to talk myself into it.
Here’s the chart
I saw a nice consolidation which was preceded by a lovely smooth move to the downside that could provide a nice low risk trade with a 20 pip stop and 60 pip target. Swiss GDP figures were due out at 0645 hrs but price started moving at 0635 and triggered me into the trade short before the data was released.
+20 on the trade was just above the big number of 1.6100 so this was a good place to scale out 75% of my position and move my stop to the BE point.
The remainder got stopped out at BE but it was a very nice way to start the trading day.
FXTraderPauls Trading Adventures 
March 3, 2010 at 10:23 am
Good post Sandy. I might add that the reason I talked myself out of the GBPCHF trade was that after I set it on the platform I realised that it was in front of a big CHF news item. I don’t like carrying entry orders into news time hoping the trade will go my way. I feel that is gambling, not trading.
My plan was to enter post news should I be given an opportunity. On this occasion there was no second chance so I sat on my hands. I’m very happy with my actions.
As the saying goes “Better to be sat on the sidelines wishing you were in a good trade than being in a bad trade wishing you were sat out on the sidelines”. Had I seen the news piece before I set the trade I would never have set the trade. On this my conscience is clear.
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March 3, 2010 at 10:44 am
I’m with you 100% on your decision on that trade.
Trading the markets is like holding a double edged sword. The good thing is there are no rules………the bad thing is there are no rules.
Therefore once we create our terms of engagement it is important that we stick to it………I think you taught me that Paul
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