May 2nd Asian Session
May 1, 2006 by Trader Rich
I'm sitting here at 8 pm EST waiting to see if we get any volatility. I'm watching the 15 minute USD/JPY, EUR/USD, and GBP/USD. It's kind of unusual how much more comfortable I feel trading on the 15 minute charts. A couple of months ago I wouldn't even touch anything less than 180 minutes. I will go back to the longer term charts once I have a handle on the short term charts. Switching to the 15 minute charts sure hasn't helped my trading though.
I feel very motivated since signing on with Rob Booker even if it hasn't yet paid off. I am determined to be successful.
9:10 pm EST. No action here during the Asian session. I'm going to get up early tomorrow so I should probably go to bed soon. I'm watching the New York Yankee / Red Sox game right now though so I'll continue to glance at the charts to see if anything forms.
I was thinking a bit about my trade today and I'm thinking of 1 thing that could have saved me a loss. The rules say to set the stop to break even after the pair gains 20 pips. I'm only looking for 30 pips so why not cut it in half and once the pair gets 50% or 15 pips, set the stop to break even. I don't know if 15 pips is enough leeway but I can change the rules depending on how it works out. Today, the EUR/USD did reach at least 15 pips so if I used the 50% rule, I would have lost 0 and gained 0.
The EURO just pulled back to the 30 EMA. It looks like it is trying to make its way higher like 7 candles ago but with the long upper wick, it can't do it.
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