The theme of my trading for May seemed to be make pips – lose half – make more pips. All in the space of one day.
Today being the 1st June I was clear headed enough to not make the same mistake. Today was make pips – lose a few pips – finish – go to gym. I hope to keep this theme going throughout June. In my ideal world there would be zero negative trades but trading is gritty reality and I expect to have losses. What I don’t want is to get into the same battle with myself as last month.
Today was a good day which started off dead slow. As usual I’m at my desk by 6 a.m. and at first glance nothing was setting up for me. I did my first look around the various timeframes looking for a bias.
Cable, EURUSD, AUDUSD and the Yens were looking short on the weekly and monthly charts and GBPCHF was looking very strong long across all time frames (I had my eye on this pair from yesterday for a longer term trade – even though I didn’t trade yesterday I couldn’t resist a look at the charts to make sure they weren’t moving without me).
For the next hour nothing happened.
First trade @ 7.15 a.m
GBPCHF LONG. Entry @ 0716 Price: 1.67483; Stop 1.6556; T1 = 1.7048; T2 = 1.7300
I am primarily a 5 minute chart trader and this is the first of what may be many trades on this pair up to my ultimate target of 1.7300 provided everything lines up. When I entered this trade this morning I was not expecting it to reach T1 today, my thinking was that I would at least have this open overnight. But my limit order was triggered at 12.36 p.m. and I was out of the first leg for +300. That was a really really nice mover . A real no stress trade – how I wish they could all be like this.
The trade I shouldn’t have taken was GBPUSD short. From the time I entered the trade the most it went in my favour was +10 pips. Whilst it was tooing and froing it went to within a pip of my stop 50 pips away from my entry. For me this was one of those trades that when I am in it I knew that I shouldn’t be.
Logically it made no sense especially when looking at what was happening with the other pairs…..
Going long we had GBPCHF (which I was in) and USDCHF. Going short and looking heavy we had EURUSD, EURJPY, AUDUSD, AUDJPY.
So the Euro was going short, dollar was strong, GBP was strong against the CHF. What happened here is that GBPUSD was confused.com and I was in a hell of a trade. When cable did make up it’s mind – it went long. Result to me -37.9 pips. Consolation was that I closed it before it hit my emergency 50 pip stop BUT I had the opportunity to close it at -5 and I’m kicking myself because I should have pulled it sooner.
But hey that’s another lesson to me to be aware of the correlation of the pairs and what the interplay between them means.
Cable was the trade that ended my day in front of the charts at 12.03 p.m. See I’m learning 😉
Trade sheet for today:
GBPCHF +300 (long)
EURJPY +111 (short)
AUDJPY +109 (short)
AUDUSD +74.8 (short)
EURJPY +50.5 (short)
EURUSD +109.4 (short)
GBPUSD -37.9 (short)
TOTAL +716.80 piperoonies YAY and off to the gym I go a very happy lassie.