Thursday 5th and Friday 6th

by 23:22 0 comments
I'm not going to lie, I spent the majority of the day (Friday) hung over and not doing a whole lot! I had work for the evening so i'm only getting around to posting now.

I took two trades on EUR/USD on Thursday, both of which got stopped. Before going to work in the morning I took a long position which was stopped out very quickly. Seemed like a good set up to me, a test in to the 50% area of Wednesday's highest volume area. I'm pretty sure i'd take the set up again if it arose. They're not all going to work I guess. Once I got taken in and it pushed down and out of the zone I was looking for shorts. I got a great short set up and no demand entry into the low of the same zone. I was very happy with this entry and again, i'd take it time and time again. 

Two things worked against me;

1. I tried to be smart and get one up on the market by placing a tight stop, too tight. I had 2 options for a stop, tight and not so tight, I took the tight option and got stopped, whereas the other option wouldn't have been stopped.

2. Official Bank Rate announcement in the UK. A bullshit announcement and something they haven't changed for as long as I can remember. EU reacted to this and I got stopped, right before the huge push down. I pay very little attention to news these days apart from knowing when something is coming up,  I took the short entry an hour before the news and thought it would be fine. 

EUR/USD 15min

So that unfortunately undid the work from Monday and I finished the week -1.92% and my account at the lowest point. And to think I sold on Monday at 1.2620 and we hit a low of 1.2260 today! 360 pips later! Something to think about for the weekend anyway.

Have a great weekend everyone and i'll catch you all again on Tuesday morning for Mondays update.





28. Forex. Trading. Music. Beer. Food. Travel.


Post a Comment