I was pretty smug this morning with 70 pips on the AUDNZD trade I made recently… I have just checked my Forex charts and this is what I see….

The market hit a peak of 1.2435 which is about 250 pips!!!!

The thing about trading is that you can hold for greater moves or just get in and out where you can. I am thinking of holding out for great moves.

Anyway, I am going to try the follow for my Forex trades… enter a trade with a 50 pip stop and a trailing 50 pip stoploss. Alternatively, actually wait for the stochastics to turn before exiting. I say this now but it is really quite difficult to keep to the gameplan at times!

Tags: audnzd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog