Make Me Some Money » daytrading blog

GBPUSD – all in a days trading (or not)

admin — Tue, 15 Jun 2010 19:27:30 +0000

Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn’t trade…

The 4-to-7 trading system’s range was 14769 and 14730.

As you can see from the graph, the market breaks down hitting a low of 14690 which would have made the 30 pips. Then it shoots up higher above the upper line.. oh, I’ve just look more carefully now to see that that trade would have hit the stop as it retraced.. sorry, I looked at the end result to see that the market did indeed fly above that.

The 9-to-9 system also triggered a long entry at 14766 with a target of 14852. The stop was the lower band at 14684. It’s currently at 14813 so in profit but anything can happen until the limit or stops hits.

The winning streak continues…

admin — Thu, 14 May 2009 21:15:03 +0000

This is becoming unbelievable.. I traded both the S&P and GBPJPY today and both were winners.. this makes my total to 11 winning trades in a row. Considering the spreadbet company takes a spread either side of this trade, I’m doing remarkably well. I don’t feel as though I’ve become a super trader but I do accept the maximum loss that I expect per trade. I put on the trade, set the stop loss and mentally accept the maximum loss. This makes me feel less nervous should it go against me.. I know I can’t lose more than where the stop loss is and if I win, then that’s a bonus. I think this has really helped my trading psychology and allowed me to stay focused and not stress on the task at hand.

I also managed to get out at the top with both S&P and GBPJPY trades which feels great. With the S&P, I got in at 895.63 and got out at 897.43.. just under 2 points here but the stakes are 10x larger than usual with S&P trading, this made the equivalent of 18 points.

With the GBPJPY, I entered at 14551 and exited at 14602 for a healthy 51 pips!