I have had 8 winning trades in a row and I’m starting to get a little nervous. Generally I know that I am about 60% correct so a loss is due at some stage…. each time I am trading I am aware of this and this makes me a little nervous. Anyway, I went long the GBPJPY at 14581 when it breached the downward trend (as indicated in the chart below). My stop was at 14545 and my first target was 14620.

The market shot up and I got nervous… it shot up too quickly and with a surge like this, I expect some sort of pullback. It went beyond my target and I clicked to sell and got out at 14634 for 53 pips! Excellent! I think the market can go higher from here…  14650 and if it can get above this, no reason why it can’t get to the recent high 14695. I’m happy with my profit for now.. it’s a compromise between some trading anxiety and profit!

Now I have 9 winning trades in a row and am going to get more nervous as a loss trade is around the corner…

Tags: currency trading, foreign exchange, forex, gbpjpy, trading loss, trading losses, trading nervous, trading wins

I was also watching the S&P as it was trading between a consolidation channel between 855 and 860. It could have been a long above the break of 860 which it did but I am so cautious and have been caught out by these sort of trades many times so I thought that perhaps I may enter on a pullback. The market looks like it is make a pullback now but the relative lack of strength when the price action went above 860 looked rather weak.. however, saying that now, it would probably shoot up…

I need to be completely confident in the trade and there is just a feeling of something which isn’t quite right so I’m going to stand back this time…. we’ll see!

Tags: daytrade, daytrading, futures, futures trading, trading blog

Another winning trade today…

I saw momentum towards the downside had dwindled and the market looked like it would make some movement upwards. I went long at 14622 with a stop at 14585 and a target of 14660.

Soon after my trade, the market went south and I was beginning to think it could go wrong and move towards the first support area at 14600 and if this failed, the 14575 level. My stop was at 14585 as I didn’t want to take the loss or risk below the 14600 line.

My target was 14660 and when the market bounced upwards towards it, I got a bit edgy at 14650 and took profits for 28 points.

It looks like that was a good short term trade as the market fell away from this level as you can see and is now at 14627 as I write.

Lately, I’ve been able to get out at the short term top/bottom.. I’m not sure if it’s intuition through working with the markets or what. I know it’s early days but so far, I’ve had a positive trade every day since I went back to my spreadbetting account.

Tags: currency trading, forex, gbpusd, pound dollar, spreadbet, Spreadbetting