Friday 9th July

by KT 15:20 0 comments

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

What a frustrating day. Didn't identify any trades at 7am so i went back to bed and got up before the 11am signal. I identified three possible trades and spent 15-20 mins analysing them under the different time frames to see which i thought was the best. The three pairings were EUR/USD, EUR/GBP and EUR/CHF. I eventually decided to take a sell on the EUR/USD pairing. I opened the trading platform and clicked the EUR/GBP, the wrong bloody pairing!

Didn't actually realise until about half an hour later. I closed it out at -17pips. EUR/USD, the pairing i intended to trade, got to about +65 at it's highest point. Very frustrating!


Trade taken - Trade 5 - EUR/GBP - Sold @ 0.8343 - 11am Bar - Closed @ 0.8360= -17pips

Intended Trade -
Trade 5 - EUR/USD - Sell @ 1.2670 - 11am Bar - Lowest @ 1.2606= 64pips

A tough week, not to mention a learning curve, but having said this, if i iron out the minor mistakes from this week i'm feeling pretty confident.

Both trades 1 and 2 should have ended in profit, they reason they didn't was simply my own greed, wanting to gain more when i should've taken what i had!

Trade 3 was the only bad trade of the week, i should never have entered that.

Trade 4 was a winner.

Trade 5, today's trade, was just a stupid mistake on my part, and would've ended in profit too.

My strategy with a few changes from the week is as follows,

• Trade on 4 hour charts, monitor on 5min/15min/30min
• 20/30/40 profit target, moving stops.
• -40 stop loss max or a few pips above/below previous bar
• Good until profit/stop is hit or end of 4hr bar

Until next week!

Cheers,

KFT

• Day = -17
• Week = -86
• Month = -86