Home FOREX

Forex Trading

Post on: 28 Апрель, 2015 No Comment

It's not about being wrong, rather, it's about how much money you make when you're right and how much you don't lose when you're wrong. GEORGE SOROS

Posts Tagged Forex Trading

Thursday 15th July. +136pips but kicking myself

For me its been a real slow week, when the moves have happened they have moved fast without allowing a sensible entry. Or by the time my setup has occurred the pairs have already moved 100+ pips and near to average daily ranges so felt uncomfortable (greedy) trying to squeeze an extra 40 pips or so from the move.

In fact looking at my journal it was last Thursday when I had clear entries for my setup with sensible stop losses and not post a long rally very unusual.

So today was great setups occured on GBPUSD, EURUSD and EURJPY with slightly larger than I would have liked Stop Losses (+30pips 40 pips), I took EURJPY and GBPUSD .

Trade EURJPY. Entered Long at 11:29 @ 112.80 risking 40 pips. My 1st target was BRN at 113.00 and was also Daily Pivot @ R1 sensible. I then had my 2nd target at 113.20. T1 was reached in quick time (2mins) and I moved my SL to my entry position. Price reverted down on a retrace and took me out which was unfortunate as price the motored up another 60pips. I think my lesson here is to give my SL a few pips of extra room when moving it up to my entry. Reasonbly happy but my targets were not very aggressive compared to my risk.

+20 pips EURJPY_150710

Trade GBPUSD : Entered long at 11:16 @ 1.5343 risking 30 pips. T1 set 20 pips higher and T2 at +40 pips. Price moved quite well to start with and just missed T1 by a few pips and then started a retrace. To protect my position I moved my position to Entry as other indicators were giving me the impression that the retrace good be heavy. I took an impulse exit and didnt allow my SL to be tested. This is the psychological remnants of not having a good setup for a week! So I left the trade with 6 pips, even though price eventually moved to T1 and T2.