Instead of going back and forth between 1-2 pip momentum moves vs Price Action. I'm going to stick with Price Action. It means that lag will be less of an issue as will spread since the targets will be larger. It also means I can use just one program to chart and trade (multicharts). Lastly, using PA, for me, is less mentally fatiguing and easier to gauge my progress. The one thing I am changing though is the pair I trade. GBPUSD tends to make longer moves than EURUSD so I'll be trading that from here on in. Spread is larger but since I'll be using profit targets (limit orders) I get a small credit back from MBT based on their new paid for limits thing. So the overall cost will be diminished a bit which is great.
And on to the chart...first trade kicked me in the ass. It might be a difference in the way GBP acts vs the EUR because I did not expect it to bounce like that right there. And would be pretty certain the EUR would have chopped a bit more which would have told me to get out. Which makes sense. I mentioned before that GBP moves longer than EUR. So perhaps this was an example of that. Anyway, lost that trade.
Second trade I was almost stopped out. Made it out alive by the skin of my nails (nails don't have skin!) and hit my target.
Third trade lost again. Same way as the first.
Fourth trade was a small winner. News was scheduled for 7am and the trade was into 6:57 so I just exited to be safe. Didn't want to get caught in some crazy news movement.
Last trade broke the ceiling making the highest high in a while. There was no specific resistance to target so I made an educated guess at 6330. But price moved up hard and I figured it would break that level so I increased the target to 6360. However, price stalled a bit at 6340 and the momentum side of me said "Get the fuck out, NOW!!!" so I exited. Practically perfect exit.
In the end I was up almost 5 pips but commission took most of that away. Left me with .6. hah. But that's cool. It's just the beginning.
1 comment:
great trading
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