Closed out the 3385 long at 3413 for +28. May well have hung on to see if price would reach original target, or even have moved stop to BE, HOWEVER, $2.80 profit on a $48 account is a good % win so I’m happy with that result.
Again I went long on Euro Swiss last night and I don’t really know why I do this cos it’s a pair that is agonisingly slow to do anything. Price has stayed pretty much in a 12 pip range since I put it on. Currently -1 pip. May just shut it down out of sheer and utter boredom.
Couldn’t agree more… Even though i don’t get actively involved in the site as much as i could, i actually find it really helpful going back and seeing how other people look at their trades and what they did and trying to work out why and how…
I am trying to make it habit where if i have a losing trade, to find somebody who profited from it and try to look at when and why they tried to enter… Gives me a completely different insight to when i first started - my attitude was more trying to forget about the losing trades instead of figuring out why…
I realise im cluttering up the thread here with my multiple posts lol
HoG, do you also watch the USD/CHF? Tbh, i only really got into it because i found there really strongly negatively correlated. I dont actively trade it much but have had periods where ive picked up a quick profit from trading them both - just because of their strong negative correlation…
On the other hand, whether thats a strong enough reason to get into a trade in it, i guess i will be finding out soon enough lol
Nice bounce off support Yunny if your still in? Not for me though as on the 4h its still a counter trade. I’ll look to go short if PA doesn’t break 3424. This morning I was spoilt for choice… EU, GU and EJ… of course I went for GU! LOL!!! Pretty choppy ride south but got there in the end.
Yeh yunny, I realise that the risk % was higher than is normally advised. The only defence I offer for it is that in such a small account, a 2% risk only allows me a very small margin of error in terms of pips (10 pips). This doesn’t really give any trade a chance to breathe much.
So I probably think at this stage 4%, while still too much, should be the maximum risk used on this account balance (20 pips). I think the important lesson to be learned, as long as it IS learned this time, is that once the balance starts to grow, the risk % should fall to a more acceptable level.
As I say, not using it as an excuse, but maybe just a necessary evil at this time. Interested as always to hear your thoughts.
HoG
EDIT: High RC, posted above reply before I saw your post. Same answer applies though. I do realise the risk % was high on this trade, but using a 2% risk on this account balance, at this time, may just involve a level of accuracy that I don’t have at this stage of my trading.
As I said to yunny, hopefully as the balance grows, I will have learned the lesson finally to lower the risk. Funnily enough though, I suppose the risk using 6% is that the balance DOESN’T grow if things go wrong. Maybe it’s the old rock and a hard place with account balances of this size. Maybe that is exactly why so many people advise AGAINST opening accounts with this amount of money, even though your broker is promising the world with only 50 bucks invested !!
Closed out the Swissy for a massive 0.5 pip profit. Closed because pair isn’t doing a whole lot while the trade itself takes up $4 in reserved margin. Pointless taking the trade in the first place really
I will be up and looking at the charts probably for another 2 and a half hours before I slope off to bed. I think if price was to dip from current 1-34 ish to anywhere below 1-3385 area I’d look to go long with stop at today’s low around 1-3365. Still think 1-3450 is coming around again, just don’t know if it is tomorrow.
Is there not a big report due out early on Wenesday morning?
I’m looking at the EU charts this morning and to be totally honest they are telling me nothing at all. Overall I fancy it to go up, eventually reaching 1-3550 before strength of the correction is really tested again (if it is a correction that is ).
But I think GU looks the better option today. Approaching previous high area around 1-59 may give a short. Obviously could be wildly wrong on all fronts, but each to his own LOL !!
Heading off to work shortly but I’m going to leave a sell order GU around 1-5885/90. Risk 20 pips, target 1-5810
Quite agree - if EUR moves up a fair whack I’ll short it, if it drops I might go long, but where we are at the moment is giving me nothing I’d want to trade.
