Thursday, May 28, 2009
Well the market certainly loves to make its moves quietly, especially when I am sleeping! I didn't get a chance to buy more on the lower touch and it certainly bounced higher! Just happy to exit without any damage. EU short still swinging lower. Has been a good week so far.
Posted by Peglegtrading at 12:43 PM
Small profit on this one. Good day of trades however EJ is still sitting in the middle of the channel. Had an exit on the upper band but it did not actually touch. Would have been a modest loss. Will track it to exit when price finally does touch the upper band. Hope we get a swift bounce into the New York close.
Posted by Peglegtrading at 2:40 AM
Wednesday, May 27, 2009
Tuesday, May 26, 2009
Saturday, May 23, 2009
I have been trading for a few years in Forex now and one of the few lessons I have internalized is Friday's trend is not to be taken lightly. The entire week has been USD negative and Fridays NY action was no exception. With this in mind there was really only one trade to take today. Buy GU. Short EU was a losing proposition as was selling GJ. Working with the trend rather than against it on Friday is a conservative strategy but far less painful than my normal method of taking both sides of the market. Any day but Friday, I don't have a problem with it. There is a very good reason for the one sidedness of the market today. Not just the historical observation that markets tend to trend on Friday's but due to the holiday weekend today's market was unbalanced and certainly there are less short term traders in the market who are looking for counter trends today. In my experience, all of these conditions lead to trend days.
Posted by Peglegtrading at 4:53 AM
Wednesday, May 20, 2009
Tuesday, May 19, 2009
Am in my "deer in the headlights" phase right now. Sitting on an ugly short from yesterday in GJ. With the new hedge rules now in effect I could not take advantage of this no-brainer trade on GJ during the NY session. Having blasted 600 pips straight up without even a moments pause, the long signal was the most clear thing I have seen all month. Alas, I am stuck in a short from yesterday and am holding on for lower prices later in the week.
Not pleased with my attempts at staying faithful to my trading system.
Posted by Peglegtrading at 10:26 PM
Tuesday, May 12, 2009
Yesterday the market took out all my lower levels, and even broke below those levels in the Tokyo session. I made the worst possible decision which was to hold on for the bounce. Well, it came and I exited today break even, but this is not the proper way to hold a losing trade, I had no confidence price would bounce back this aggressively--lucky though, it did...
This is a continual struggle to take reasonable losses when themarket presents them. This morning during the Tokyo session, there was a very clear buy signal but I didn't take it because of my clouded judgement holding a position left over from yesterday.
Resolution: to trade the bands for exits. Yesterday should have had 3 losses and 6 wins. Instead I had 3 buys and all exited break even on the following day. No profit to speak of.
As the AA guys like to say: it works if you work it.
Posted by Peglegtrading at 4:08 PM