Tuesday 31st May

by Liam 23:06 0 comments

It was a bank holiday in the UK and the US yesterday so I didn't do any trading. Not really any point. Low volatility and sideways movement was the order of the day.

Had one trade today, which I lost 1.09% on. This trade is a bit of a mixed bag so i'll cut to the chase.

Trade 47 - EUR/USD - Sell @ 1.4388 Closed @ 1.43982 = -10.2

Eddie 5min

• Trigger taken from the left of the chart, the highest volume at the time, the trigger I took the trade from is the low of the trigger bar instead of the close 
• No demand into the trigger. 
• The next part shows the price moving up but on lowering volume. That's why i stayed in. 
• Stop area + previous high was respected and news brought it down hard (i agree this was lucky)
• Due to it being a news announcement and the usual high volatility I couldn't get out of the trade when i wanted. Got out on the bar following the drive down. 
• If I had stayed in, the target would've just about been hit.

All this aside, it wasn't a great position that I got myself into in the first place. Considering it was close to hitting the stop, i was pleased to get out of the trade where I did.

I'm unfortunately working tomorrow morning so i'm not sure If i'll take any trades. Likelihood is that I won't.

Cheers,

Liam