Monday June 14th

by KT 00:35 0 comments

• 7am - no trade
• 11am - 1 trade
• 3pm - 3 trades
• 7pm - 2 trades
• 11pm - no trade
• 3am - asleep!

So, the main object of this week is to further streamline my strategy. This week i'm going to concentrate on setting 3 profit targets per trade, for instance (20, 40, 60) and moving my stop up once each of the targets is hit. This will require checking the trade more often during the 4 hour period, but i have nothing but time on my hands at the moment! This way i should be able to gain more pips from a trade than i have been up until now. Also after today's trading i reckon i'll stick to one trade per 4 hour time slot as this will be the case once i start using money.

After last week i'm going to continue using the "Tradeguider" method of placing my stops. This seemed to work quite well.

Today was a bit of a mixed bag and went something like this;

Trade 1 - JPY/USD - Sold @ 91.87 - 11am Bar - Closed @ 91.83 = +4 pips

Retrospect is a wonderful thing. Now that i'm taking screenshots and putting them in to this blog, i probably shouldn't have taken this trade at all. The 4 pips were made on the 4th bar. I interpreted the third bar as an upthrust which isn't really the case. This trade reached +20 at it's highest point, i should've moved my stop to +10 to lock in the profit but missed the fact it had reached this far. Not to worry, lesson learned and it still closed out in the positives!

Trade 2 - EUR/USD - Sold @ 1.2237 - 3pm Bar - Closed @ 1.2276 = -39 pips

Trade 3 - GBP/USD - Sold @ 1.4730 - 3pm Bar - Closed @ 1.4791 = -61 pips

Both trade 2 and 3 come with the same explanation, i got in too early. I interpreted the second bar in each to picture to be an upthrust but they turned out to be something else, as you can see below in trade 5 and 6 i got into a sell at a later time. I've learned my lesson for these. Just need to be more careful.

Trade 4 - USD/CHF - Bought @ 1.1372 - 3pm Bar - Closed @ 1.1432 = +60 pips

Quite happy with this trade and it certainly softened the impact of the previous two trades. Bottom reversal.

Trade 5 - EUR/USD - Sold @ 1.2228 - 7pm Bar - Closed @ 1.2213 = +15 pips

Trade 6 - GBP/USD - Sold @ 1.4740 - 7pm Bar - Closed @ 1.4732 = +8 pips

Bar 3 in each picture were upthrusts and i managed to short it to gain a few pips. Bar 4 was the profit bar. Unfortunately it was late enough in the day so there wasn't a great deal of movement. I feel this will continue to drift down overnight. Something to look out for in the morning.

Note; Cable went sideways overnight where as Eddie continued to drift down, something to watch for next week might be to consider staying in the trade for a longer time frame.

• Day = -13 pips
• Week = -13 pips
• Month = +534 pips