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Tuesday, February 07, 2006 |
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Over the last 2-3 weeks, my frequency of trades have greatly declined. I'm being more careful with my trades and looking for better setups. In previous weeks, I might have acted on a possible setup when the setup had not yet fully formed. This is of course all open to interpretation. I was entering too early because I just didn't have time to wait for the setup to form. I'm moving away from this because I found that a lot of times I would be stopped out right before the pair would move in the direction I was predicting. Another thing I've noticed is that I'm holding on to my trades much longer than before. In previous weeks, some trades would last less than an hour. This is happening less frequently than before. I feel like this trading style may suit my situation better. With my full-time job and the limited time I have available, trading the daily chart or the 240-minute chart instead of the 30-minute or 60-minute may allow me to manage my position better. Currently I have 1 open position. Last night, I sold 2 EUR/JPY lots at 142.45. I woke up at 3:30 am EST to find the position up about $800. A couple of weeks ago, I probably would have quickly taken the profit and closed out the position but I decided that the reasons I entered the trade were still intact and therefore I would hold on to the position. By 5 am EST, my profit on the pair had reached $1900. The position remains open as of this posting and is up $1800. I've set the limit at 140.30 and moved my stop a little to still profit from the trade if it retraces.
February 2006
Forex Trading
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Last Updated ( Tuesday, February 07, 2006 )
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