I started slightly earlier than planned today for 8.11am, 4 minutes earlier than I should have really as there was an 8.00am announcement, and I finished at 8.23am for +3 pips off two sell trades.
The first sell trade was a disaster in the usual fashion. I hadn’t even sat down for a minute into the session when I decided to jump in as the Cable looked like it was moving down with momentum. But there wasn’t any proper correlation with the other currencies, namely the Swissy – the Swissy was also moving down instead of up. Though I know that correlation could still be present when this sort of thing is happening, I should be staying well clear in these unknown or unclear situations. What was I thinking? I hadn’t even given myself time to understand what was going on this morning or get a feel for the kind of movement that was taking place. Thankfully I GOWID for -5 pips rather than wait any longer.
The bizarre thing however, was the Cable did continue to go down, but so did the Swissy. The Euro did have a downward movement, but not much momentum. And again, where I should have stayed out, I jumped in on my next and final sell trade for the day. This time, the trade didn’t really go negative, but nor did it go positive straight away. It took its time to move down a fraction at a time, then hold, then move down another fraction, until it suddenly went positive by around 3 pips, it then did it’s fractional downward movements again, then shifted further down again by another 2 or 3 pips and this pattern continued for just over 5 minutes, which was the duration of this trade until I finally decided to get out to lock in +8 pips. The Candle did of course continue with its downward move after I was out as can be seen in the screen shot, but I was thankful to have finished for the day by now and though this trade finished on a positive, it was all wrong.
Unfortunately there isn’t really anything to be proud of today. I was just lucky again. The first trade is more like what could have actually happened in the second trade as well so I’m not patting myself on the back for today’s performance. A 5 minute trade? That’s not what I’m supposed to do is it? Another rather important point that I have forgotten over the last few months is that I should be picturing that I am trading with the true pip value that reflects my capital even though I am currently trading pennies per pip at the moment – perhaps then I would be a lot more picky with my entry points out of fear of losing my capital – who knows. I’m going to leave it as luck for today and I have done enough of beating myself up as well. Lets hope my actions will be much better next week.
Moving on to this week’s round up..........
Mon +4 pips – the only good day of trading today.
Tues +3 pips
Wed +1 pip
Thurs – didn’t trade
Fri +3 pips
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