11 August, 2010 16:49

11 08 2010

I’d be lying if I said I haven’t been watching the movement in EURUSD this afternoon in mild disgust. That’s life and trading but it’s not easy! Stopped from earlier trade at 1.3016, whilst price is now resting 1.2888 at the time of writing. My approach (if still in) would have my stop nestled above 1.2948 and patiently waiting for another leg down.

Another mild frustration is that following the stop, I re-based the low to 1.2989 which price again broke through, formed a lower high. My approach should’ve meant that I set another order for a re-entry at 1.2945 – details shown in the first attachment with the usual blue line denoting entry, red line initial stop and gold line for 1st TP. Instead I convinced myself that I would be trying to chase the trend and so I set it in demo and watched as the target price was reached. Trade would’ve been risk free and again my stop would have been moved rather nicely to 1.2911 locking in a healthy return for the day. Instead I’ve banked demo profits! This part of my rule based trading I’m still coming to terms with, when should the low be re-based and when should I look for re-entry? Answers on a post card please else I’ll keep demo-ing this new potential addition…

For now I’m only applying one part of my trading on EURUSD while I develop a trading record that (hopefully) proves the efficacy of the rules I’m adopting. However have been watching the GBPUSD at the same time which has tracked the EU very closely today. I noticed a decent pinbar at support turned resistance so initiated a short for 1 contract at 1.5668 (blue line) with stop at 15597 (red line), stop later moved to 1.5678

Update – Stopped out at 1.5679 for -11 pips on one contract

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