Trading Diary July 16th

Start getting too comfortable and you break the rules. So far 55 pips up on the week and I play without caution and lose twice. Firstly I entered the trade far too early believing I now have an instinctive idea of were the trade was going!

To be honest on review, the signs were fine but the rule I broke was the entry time(after 7). I have incurred most losses when the trade happens before 7 and yet I still take the trade when I think I see it.

I entered my short trade around 6.50 It then reversed promptly with 4 green candles. I cut my losses by 5 pips but in total loss 20 pips

Stupid yes, but not as stupid as going in again especially when it had hit the pivot point 4 times and failed to break through. The pivot point R1 and also 400 were on the same level. This does not occur too often. But its a doubly strong support or resistance line. I will approach that sort of situation with more caution.

It proved to be the stumbling block all morning. At the point that I went long (reversal trade after loss) it had reached 16405 and convinced it had now sufficiently broken the pivot and 400 level I entered the trade.


I had 6 - 8 pips at one point but this was short lived. It reversed the next candle and I cut my losses at 25 pips.

What happened? I have been playing the breakout a lot more due to the recent channeling of cable. It has not shown a clear trend, playing on a smaller time frame like 5Min's means you can take points while its channeling.

But today it channeled in an even smaller range and I finally experienced a lot of what was happening on the 1 hour fx strategy. I recognised this even more when I then played cable on the hour. It did nothing for two hours and I got out with 3 pips.

Some in the skype chat stayed with it for nearly 4 hours with different degrees of success!
That was three trades for me and I felt it time to stop trading. Will make the points up tomorrow!

To Your Success!