Quick review of the trading day and my taken trades.
Instruments traded as per trade plan – EUR, GOLD and Cable
- 12 trades taken
- 9 Winning trades
- 3 Losing trades
- 6 planned trades
- 6 unplanned trades
- Gross profit +229.40
- Commissions -75
- Net profit +154.16
Trading the Euro
Took early wins trading off of pivot as planned, then gave back minor profits with unplanned trades off of data, getting hung at the top, stop was tight for a breakout didn’t lose much. I kept going in at pivot taking off contracts mid range. Again, later in the session I had a trade go offside from a bad entry on good Euro data, kept the trade on to long, eventually went flat near the low of the day. With this trade I almost gave back all my profits for the day. I saw a change in pace on the ladder noticed that the bears were having a tough time to punch lower with good support so re-entered at the low to make back my losses and fully recoup. If that trade didn’t work out I would have ended flat on the instrument for the day. Final trade was a complete breakdown of the euro as dollar strengthened across the board, this was a momentum trade taking quick profits. The volume was low was dropping so didn’t have the nerve to stay in all the way. The very final trade was a bounce off of key support and a fade of the move lower, again, didn’t hold long. Also I lost my data feed on dodgy internet so went flat and wrapped up the days trading.
As per my trading plan, I shorted at pivot, first trade of the day was a good trade. Was looking for a bigger sell of in the pound because of the terror situation, maybe I was trading the wrong product and shouldn’t have been trading the YenPound instead (not an instrument we are aloud to trade). I got hung at the bottom as we broke s1 I tried an aggressive entry which wasn’t successful, Eurex opened there was a spike in vol and it retraced the entire move back to pivot taking back 80% of my profits, as I moved my stop (idiot). I stayed out of cable till late afternoon trading, where there was a stop run, with a break above pivot for no fundamental reasons. I took a short once the book lightened and I could see the momentum had finished to the upside selling the retracement from the highs of the previous day (I missed the weekly high entry, so sold previous days high). Held that trade until I saw support re-entering the market for a quick win.
As per my trade plan I entered at long at pivot with a view of the dollar staying weaker which worked out ok. Took profit early by a fat finger mistake and gave back some profit, my bias for the trade was to see strength in gold off of the UK terror event and weak dollar, it played out for a while, until dollar suddenly strengthened against all the majors and we saw a break of pivot. I used the break of pivot to take an entry short in pound and euro with as a correlated market move (showing unilateral strengthening of the dollar).