I sold and it shot up… I was impatient and wanted some trading action and lost 20 pips! Have to be more careful…

Tags: currency trading, foreign exchange trading, forex, forex blog, Trading, trading blog, usdcad

I really seem to be getting the hang of trading the forex markets lately and my account is at all time highs… long may it be like this. I don’t really know if it’s me who has improved or simply that the markets are favouring my style of trading… anyway, I am happy with how things are working out except for the fact that although I enter quite well, I seems to be taking profits far too early still…  here are my trades for today…

I went long the USDCAD forex pair at 12515 and closed out at 12560 for 45 pips… it did look a bit exhausted which is why I took profit.

Then as below, I went short the GBPJPY, I was conscious that I got in a bit late however by about 20 pips which make me a little uneasy.. however, I got in at 13897 and took profit at 13872 for 25 pips.. as you can see, the GBPJPY dropped to 13830 meaning that I missed out on a further 40 pips. The GBPJPY in comparison is an extremely volatile pair so my finger was on the button and an up move in the 1 min caused me to hit the trigger!

Still, a 70 pip profit isn’t to be sniffed at!!

Tags: currency trader, currency trading, day trade, daytrader, foreign exchange, Forex trading, gbpjpy, spreadbet, trading blog, trading psychology, usdcad, when to take profit

Hi all,

I’m not back to full swing as yet… remember I was talking about the EUR/CAD last night? Well, it did go higher in fact, it went up to 1.4690 and is currently sitting at 1.4641. I should have kept it at the 100 pip limit order when I took profits at 1.4500!

I have just gone long USD/CAD at 0.9937 with a 100 pip stop and target, I’ll see if I can hold this. The reasoning for the trade starts off by looking at the daily chart.

If you look at the stochastics, you can see that it has turned towards the upside already. The MACD also looks like it is going to cross for a long. However, I realise that I am a bit early on the trade as it is still a possibility that the price action may bounce off a Fibonacci level (it is currently at the 38.2 level) and head lower.

I have made this trade on both my live account and the Forex Project’s Contest.

I hope to get back into the S&P emini trading tomorrow also.

Tags: daytrade, emini, foreign exchange, forex, forex project, stock markets, trader, Trading, usdcad