Early start

Good morning to you.

An early morning start for me today. It took a while to clear the cob webs but got there in the end and sat down to trade at 7.21am. And was finished for the day at 7.32am!!

However..............

Similar to yesterday morning, there was a relatively large positive GBP/USD candle in play already which seemed like it was continuing the upward trend. I finished my set up and started watching. I was in fact mistaken, the movement was up and down between a 2 pip range, with correlation, around the 1.5768 mark. After a few minutes of watching the GBP/USD bounce back and forth, it suddenly began to move upwards, jerkily at first and then with some momentum. I jumped into a buy trade at 1.5787. The trade broke even almost instantly, but then stalled, went negative by -8 pips before coming back and going positive to 1.5790, at which point I exited for +3 pips. The trade was in play for a couple of minutes, as with yesterdays trade which was 8 minutes, this is still too long for this type of trade.

All in all, another lucky day. I am meant to get out of a trade when in doubt and acceptable losses are in the range of -2 to -4 pips. This trade was down -8 pips at one point and I was still in the trade. As with yesterdays trade, where the trade could have taken a further turn for the worse, the same could have happened today and as I was still in the trade at -8 pips at one point, this may have been another case of my stop loss kicking in at -20 pips instead of the lucky +3 pips that I finished with today.

I keep saying to myself at the end of each days trading, that tomorrow will be a better day, the rules will be followed and if there’s a trade for me, within the rules, I will get it. But this week, after two days of trading – I have just been lucky!