15/4/10 – In, Out, Shake it all about, you do the hokey-cokey….

April 15, 2010

forex, FX Trading, Trading Set-ups

So after a couple of dull days I had a couple of trades trigger this morning….and swiftly wished I’d stayed in bed!

GBPCHF – Long

  1. The trade triggers early…..never a good sign.
  2. It never goes positive before falling back swiftly and the system closes down my position for -11.  That’s not where my stop was but they closed me for -11 anyway.  I’ll take that as my stop loss level was further away and would have been hit anyway.
  3. Price bounces of the Moving Average and then grinds its way north again.  However as you can see from the hi-test bars it doesn’t do it with any conviction.  I do not re-enter the trade.   I’ve mentioned before my resistance to re-entering system trades.  Discretionary trades I’m happy to, but system trades don’t enamour me in the same way.  GBPCHF grinds its way north for the remainder of the day however had I taken it I would have been take out for 0 pips on a trailing stop so nothing missed, nothing gained in my book.

GBPUSD – LONG

1.  Once again the trade is triggered early on the spread…..never a good sign!

2.  Price simply triggers me in, reverses and then never goes long again till lunchtime.  I’m taken out on this trade for -15 points.  C’est la vie.  If I’d been quick and on the ball I’d have seen the lovely reversal set-up and reversed my position.  But that’s just the woulda-coulda-shouldas.

So, In, Out, Shaken all about from two trades both buying sterling…and both losing for a total of -26 points.  Welcome to the week Paul.  Nevermind very small losses and there’s always tomorrow to turn it around.

The learning point I do have is that whilst watching the sterling do it’s thing I missed a very good short entry on the EURYEN (my other fave pair) that is what left me grumpy rather than the two losses.  Note to self – the seeds of your next profitable trade are usually in the soil of your present losses!

Trade Well!

FXTrader Paul

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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!

View all posts by FXTraderPaul

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