Thursday 20/5/10 Jobbing the EURJPY – +51

It’s been a busy, busy day, especially trialling some new ideas on Demo as well as trialling some traders work on EURJPY.  And what a day to be trialling ideas eh? The markets were up and down like a brides nightie!  I really did just end up jobbing the EURJPY. Overall for the day my live trading results were as follows:

GBPUSD: +2.2

EURJPY: 0

EURUSD: +45

EURJPY: -15

EURJPY: -35

EURJPY: +22

EURJPY: +5

EURJPY: -9

EURJPY: +10

EURJPY: +26

Just a few comments on my largest profitable trade today on EURUSD.

1.  Several of my Early Morning Breakouts set-up this morning and those trades were set as part of my normal everyday trading routine.  I had missed an early Fox In The Box set-up on EURUSD to buy around 1.2325  which would have been an absolute beauty this morning but as it was my EMB was triggered at 1.2378.

2.  Price moved strongly north on EURUSD (its been a long time since I could say that about E/U) and my break-even point was reached swiftly.

3. Price continued north and hit my target at 1.2423 for a nice +45, 3:1 trade.  Because the markets were now rather messy I removed my other EMB trades and went hunting for discretionary trades as per my plan.

So from 10 live trades I had 3 losers, 1 scratch and 6 winners that left me with a total of +51 for my live trading.  A handsome enough return but today you really had to work for it!  As you can see from some of my results I wasn’t hanging around either.  At the first sign of stalling I was out of those trades for small winners or small losses.  Something I’ve learnt from my recent trading where I’ve not responded quickly enough to market movements.  As always there were pros and cons to this approach.  On the negative side I did cut two trades short which would have made final targets.  On the positive side I was able to take small losses as opposed to a large loss and also able to scrape some profits before trades turned into losses.  At the end of the day it’s about your own personal style and risk profile. Tomorrow is my final day before a long deserved holiday and I shall see what my final day of the month holds for me.

Trade well,

FXTrader Paul