What a crazy day for 1st April.
It was a really horrible morning choppy choppy choppy as hell.
1st trade short on EURUSD left my account 24.8 pips lighter (oh yeah thats PLUS charges).
It seemed like a good the time, nice down move, nice retrace, looked like a bear flag (why am I trading bear flags? I’ve regressed about 3 year YIKES!) and the market smacked me real quick
After that is was all good in the hood!
The Yen crosses eased my pain and I’m still riding a couple of them at the moment with a bit of shrapnel after having scaled out during the day
Currently +93 on EURJPY and +78 on GBPJPY
One thing I am trying to add to my toolset is scaling into moves that are going in my favour. On reflection I missed a great opportunity to do that here. Ride the Winners. We’ve heard that statement enough times and this would have been a great opportunity to make a great trading day into a FANTASTIC trading day by adding to my position on the retraces to the moving average. I’ll save that for next time.
The thrill of the day was the cynical intervention by the Swiss National Bank at FIVE TO FIVE just before most of Europe closes for a long Bank holiday weekend. Talk about timing their move to perfection. No doubt the city boys were already in holiday mode and on the way out the door.
Seconds before THEY made their move I was lamenting over a nice short on GBPCHF that I felt I should have taken. THANK GOODNESS SOMEONE WAS WATCHING OVER ME AND I DIDNT TAKE IT!!!
But no doubt some of you did and you were absolutely right to do so. There was nothing on the charts to suggest a move of this magnitude was on the way so don’t beat yourselves up over it – I just hope you used a stop loss!
Some traders definitely got spanked good and proper by that 236 pip move in 10 minutes!!!!!
In case you missed it …..here’s the chart
I’m not bothered about not catching any of that move to the upside. I’m just thankful that I wasn’t caught on the wrong side of it.
It was a close call and a BIG thank you goes out to my guardian angel. THANK YOU
FXTraderPauls Trading Adventures 
April 2, 2010 at 5:09 am
Hi Sandy,
Fantastic trading, very well done!
A quick question if I may, what are the moving averages that you use?
Thanks,
Merlin
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April 2, 2010 at 12:53 pm
Hi Merlin, I use the 15 & 60 moving averages.
I should add that it doesnt matter what MAs you use as long as you use them consistently. That’s the key.
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April 2, 2010 at 8:08 am
Hi and thank you. Wonderful to see good trading from simple approaches. Can i ask how much screen time and waking time you put into this? Your £/Yen entry looks as if it was very early in the day, approx midnightish. And then monitoring many instruments in many time frames for set ups. Apart from having a phenomenal brain, are there any tricks to this? Happy wishes. James.
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April 2, 2010 at 2:05 pm
Hey James, It was a bit of a late night entry on this one. I entered the trade at 2300. I’m usually in bed comatose by that time but because of the long weekend I was chilling out, doing my review of the day and just about to watch episode 6 season 3 of 24 when I saw the set up – small bars into the MA – so I took it. Lucky me 🙂
With regards to how much screen time do I put in, well…my daughter says I should get a life LOL. In reality I probably spend 4 to 5 hours in the morning in the office, hopefully I’ll have banked some pips or at least be in some trades by then. If it’s been a good morning then the rest of the day I’ll drift in and out of the house and gravitate back to the pc for the US session if the morning has been quiet. Generally speaking, if nothing has happened by 11 a.m. then it will be a case of coming back later and trading the US session.
Unfortunately there isnt a quick route to trading success. There are so many ways to do this. Once you find the way that suits your personality stick with it. I have spent thousands of hours watching charts and now a lot of the time I can tell at a glance if I either have a trade or one might be setting up soon so I am on alert, or there is nothing there so I move on.
It’s probably quicker to get a pilots license!
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