[coastalfx]

So far it's been a slow trading day. All trades still in red but confident trends will resume so I am not to worried about trades that are down. Eur/usd buy stop still not triggered although it's very close.

One thing that definitely has bugged me so far is how my trades have all headed south shortly after I entered orders going with the trend. I have been doing some reading online today and some studying of the charts and have come up with a proposed solution.

It's not very often that that you see daily candles that alternate bullish and bearish. More than not a bullish candle is usually followed buy another bullish candle and a bearish candle is usually followed by a bearish candle. So I have decided to enter a trade in the morning on the day after I have a daily candle going in the direction of the larger trend.

For example using this strategy I would have entered a buy stop order on the Euro at the next round number (00 25 50 75) the day after I finished with a bullish candle. I hope that makes sense.

My reason for implementing this, is very simple. Before I can get into a longer trend many times I will make 50 pips or less on quick run ups that become quick reversals that will hit my trailing stops. That is fine and it gives me a chance to re-enter on another day. I would rather that happen versus ending up in a reversal that is deep in the red but still several hundred pips from my stop. When this happens I can be in a trade for days and sometimes a couple of weeks before that trade becomes profitable again. Overall that's not a bad thing most of the time the trade will end up profitable but it keeps me out of the market on that pair.

I would prefer to get knocked out of a ranging market several times with small profits versus having to wait it out in the negative. I think this new strategy of when to enter the market will help me with that objective.

Later,
Jackie