Choppy

I started at 7.25am and finished at 8.18am for -1 pip overall, off two sell trades and one buy trade. The first two trades were examples of poor entry points and lack of patience on my part in waiting for a reasonable period from first sitting down to the point of entering a trade – e.g. I got into my first trade today at 7.26am – not enough time to understand what was going on in the market this morning – though it is possible to grab a good trade so soon as I did a of couple Fridays ago, today was definitely not one of those occasions.

The first trade, which I would score as 4 out of 10, had a duration of 42 seconds. This was somewhat too long in my opinion. And though there was some correlation, strong momentum was missing. So really speaking, I should not have entered this trade. Thankfully GOWID was used well enough to limit my loss to -1 pip.

The second trade – score, 0 out of 10, was very poor, this trade actually went positive by +1 pip – it also went negative to -3 or -4 pips before going positive – and yet I didn’t GOWID and only did so when it went back to -3 pips. I was clearly trying to recoup the -1 pip loss from the first trade and also, less than two minutes had elapsed between getting out of the first trade and getting into this trade – basically, revenge trading. The duration of this trade was over 2 minutes – way too long. But, this trade must have shocked some sense into me as the third trade was much better.

Between the second and third trade however, over 45 minutes elapsed. I was not going to make the same mistakes again today. So I watched patiently and painfully, as the Cable moved up haphazardly through 40 pips creating a great big green candle as can be seen in the screen shot. I say I watched painfully, because during that +40 pip move, I didn’t feel confident about getting into a trade that had the criteria that I was looking for and as an announcement was due at 9.00am I was going to finish my session at 8.45am – I was beginning to think that I wasn’t going to find a trade before then.

But then, the third trade presented itself – score, 8 out of 10. So not perfect but much better than the earlier trades, certainly a vast improvement on the second trade of today. Correlation between all the currencies and strong momentum was present and I jumped in on a buy. The trade lasted 18 seconds and produced +3 pips – I GOWID because I felt the move was over and it certainly looked as though this was the case, at whilst I was taking the screen shot anyway – I closed the platform down shortly afterwards.

The average score for the session overall today is 4.