Thursday 17th June 2010 – +63

It’s been a strange week. I wasn’t too well on Monday and decided not to trade. And lo and behold that was the nicest day of the week trading wise. C’est la vie.  Tuesday and Wednesday were scratchy days but I was lucky enough to finish in profit.  I wonder whether the Chinese Public Holidays this week were responsible.

So today Thursday I started off with two losses before rallying back with some cheeky profits.  Results were:

EU -15

GC – 12

EU +1

GU +31

GU +13

GJ +10

EJ -5

EU +30

GU +10

So after starting with two losses I was able to turn around the situation and go from -27 to +63.  A quick run down on two of the trades.

GBPUSD

Traded an Early Morning Breakout here.

1. Had two orders to short GU, one at 4720 and the other at 4780.  There were plenty of signals across the board to go short. Unfortunately the first one wasn’t triggered but the 2nd one took me in at level 1 on the chart. I had a range of targets between 1.4745 and 1.4710

2. I decided to Brasso Trade this event and added to my position at 1.4762.  Half my original position but was comfortable.

3. Sterling had been looking weak however there was a fair level of support across the board around the 1.4750 level.  When its showed on 1 min charts that it was stalling I decided to step-aside at 1.4749.  Today that was a good thing to do as price reversed strongly. Position closed for +31 and +13 points.

So there was one trade were stepping aside early was the right thing to do.  On the EURUSD stepping aside early was definitely not the right thing to do!

EURUSD  

 I’m adding this trade in for a client who’d been to see me the previous day. It’s a trade I call ‘The Johnny Cash’ and worked beautifully next day.  It’s immensely simple and works a charm. My only probelm here was getting out much too soon!

 1. I have a long order on EURUSD set at 1.2245 which triggers beautifully.  My initial target is 2305 but I’m worried about resistance.

2. Trade moves up and hits my 1st target of 1.2260. I’m aware that I’m going counter trend here and I’m ready to leave at a moments notice.  

3. The markets start to stall and I pull in my target to 2275 which is hit for +30 points. At this time I’m managing 7 intra-day positions so I’m keeping a hawk-eye on how the market is playing out. I’m happy to step aside with some profits….however EurUsd never looks back on this day and powers on past my original target and went north all day long. Oh well, lesson learned.

June has been a strange month in total and todays shows how it’s possible to come back after a couple of losing trades.

Until next time,

Trade Well!

FXTrader Paul