Wednesday, August 19, 2009

Wednesday 19 August

I am going to have to seriously rethink my strategy in this chop.
While the markets are like this I think if I have profitable shorts from Asian & London sessions I will close them before the NY session. There does not seem to be any point in trying to hold them for swings and giving it all back.

EURUSD stopped out (-1.0%)
EURUSD short 1.4118, stop 1.4158
GBPJPY short 155.85, stop 156.35
AUDJPY short 77.80, stop 78.30
Cable short 1.6483, stop 1.6523
EURGBP stopped out (-1.0%)
GBPJPY banked 50% 3xR 154.36 (+1.5%)
Crude short 70.20, stop 70.90, 4hr IB
EURUSD stopped out (-1.0%)
Crude tailed then topped at open (-1.0%)
Cable closed 1.6420 (+1.57%)

For the day -0.93%
Open positions:
EURAUD short 1.7218
AUDJPY short 77.80
GBPJPY short 155.85
GOLD short 942.50
SILVER short 14.115


  1. Complete gem from FF. Thought you might like it:

    "When successful traders put on a trade, they do it with a “let’s see” attitude.
    They have fully accepted the risk that this trade may not work. Or the next one. Or the next.
    They don’t look at it as “being wrong”. They are not handcuffed by the fear nor are they ready to celebrate if the trade wins.
    It is business as usual. Their success on the micro level is if they followed their or lose.
    Losing…being wrong…and doing it properly is a skill that must be ingrained in every trader.
    You will have the losses. A multiple of times.
    How you deal with that shows your maturity as a trader. You have nothing to prove."

  2. Nic,i have always wondered how you make the decision to close or let a trade run, sometimes for days or more. I'd be very interested to hear what you come up with.

    As always in ore of you entries! Seeing it is one thing trading it another.

  3. Hi Greg
    Half of the exit is at 3x my risk and the other half is discretionary depending on how daily chart looks at end of day.
    However its high summer and choppy and not many great trends around right now ...