Friday 15th October

by Liam 16:04 0 comments

Well i got some trades in today, 1 win and 1 loss unfortunately. The loss was a stupid loss, trading just before a news announcement which i'd completely forgotten about. The win came as a result of trading after the news announcement produced a setup.

The trades were as follows;

Trade 2 - GBP/USD (Cable) - Sold @ 1.6043 - Closed @1.6072 = -29

To be perfectly honest, this was a trade I shouldn't have taken, regardless of what I was reading in the charts I shouldn't have been trading so close to a news announcement. Still, it's a lesson learned all the same. Sold on what I thought was no demand and stayed in based on the hourly chart showing no demand at 1pm as well (just before the upthrust in the chart below).

Trade 3 - GBP/USD (Cable) - Sold @ 1.6030 - Closed @1.6000 = +30

Took this trade on the basis of the upthrust after the news announcement. Took 30pips from the trade, not quite 3% of the account gained but still a good amount. Intended target was 1.5988 which it will probably hit. - Update, original target hit at 17:15ish

12 successful trades to 5 losses over a 5 week period.

An interesting thing to note is all the charts produced a huge test or upthrust during this announcement, depending on their relation to the dollar.

Upthrusts; Cable (traded), Eddie, Ozzie

Tests; Loony, Swissy and Yennie

All of these charts moved a good few pips after this announcement, in fact the one to move the least was the one i traded! At the time of writing Eddie has moved nearly 100pips!

*******

This has been an interesting week with quite a few lessons learned. I need to actually write out my strategy instead of having it in my head and this blog. Going to get a whiteboard and stick it up somewhere in my room. On this i'm going to write out the strategy as well important information for the day (for instance news announcements) and charts to watch.

I missed quite a few signals this week due to a number of reasons like being in work or not having confidence in my own strategy. The former is relatively unavoidable at the moment whilst I save for the trading account but the latter I will definitely work on.

Think that's everything for now, maybe some more reflections over the weekend!

Cheers,

KFT