Friday 13th January - Lucky For Some

by Liam 19:27 0 comments

No update for yesterday as I didn't have a lot to report. Much the same with missed opportunities. But anywho, that was yesterday, now we're on to today.

I'm happy to say I finally got my year off to a good start with a short on EU.

I entered short @ 1.2777 with a stop at 1.2806 based on a 15min no demand into the low of the highest volume 15min bar which arose from the earlier Italian bond auction. Bar A on the 15min chart. Actually, looking at it now, it's probably more of a no buying pressure with the slightly wider spread. Either way, it triggered two bars later - within my rules and I was into the trade. To be perfectly honest I thought for a while that I had gone and shorted into a market that was going to drift sideways. I had my stop above B and given all the talk of confidence on here lately I made an effort to stay in the trade. 

I wanted to make a further note about bar C on the chart. Bar C was potentially a very strong bar but the reaction was incredibly weak with the bar I shorted on having less volume than the previous twenty or so intervals. If bar C had been strong this would've continued to push up.

EUR/USD 15min

On the 5min chart below in the orange circle we have the 15min area where I placed my short order. We were really struggling to break the 2789 area and once I saw the series of ND and upthrust in the yellow circle I was sure we were going down so I held the position.

EUR/USD 5min

Closed half at 1.2747, gaining 1.5%, brought the second half to break even and closed that at 1.2717 for a further 3%. gaining 4.5% in total. I knew when I was closing it that I should have held and I could have added a lot more to my account. With this in mind i'm absolutely delighted with what is the most profitable trade i've taken and hopefully many more to come as well!

So I gained 3.22% for the week when taking into account my losing trade on Tuesday. If i'd held my nerve for that trade I could be looking at a fantastic week, either way, very happy going into the weekend!

For the weekend I must read more of the Mark Douglas book and amend my strategy, I've a lot of stuff in my head that isn't on paper and I feel I need to do this. 

Have a great weekend everyone!

Liam