We like to wrap up every week with a review of the previous week’s trading. So, here goes.
Cable gave us a run for our money last week. We were able to end the week up anywhere from 100 to 200 Pips based on personal exit strategies, so we are not complaining, but the daily trading range has been very tight and very unpredictable making big profit targets was almost impossible.
It was important this week to work your trades, we were able to nail 3 out of 5 entries but if you were not watching and working an exit strategy, all but one trade could have gone against you.
If you were not using good trade management strategy you would not have closed the trade around 9:00 AM (before you were actually in the trade) and it would have gone against you for your stop loss. Remember, not taking a trade is a position, often time the best position.
For those of you watching our daily newsletters, we had another good week. We had three winning trades, although only one was for our full target, and more importantly no losing trades.
With that said we have nothing to complain about, going 3 for 3 with two days with no trades, remember taking no trade is as much a position as taking a trade.
And no losing days means we did not give back any of our gains and can add the full gain into our account for compounding. This is what the week looked like;
3/20/06
Short @ 1.7570, Stop @ 1.7615, Target @ 1.7520 & 1.7490
Did not fill either trade but had plenty of reason to get out of trade around 1.7530 on three separate occasions during the day, and there was no reason to not have protected your trade by at the very least moving your stop loss to break even. For 0 to 40, Pips on both trades.
3/21/06
Short @ 1.7540, Stop @ 1.7580, Target @ 1.7500 & 1.7440 – We filled the first trade for 40 and the second trade we closed at 1.7470 for 70 Pips.
3/22/06
Short @ 1.7490, Stop @ 1.7530, Target @ 1.7450 & 1.7410 – We filled both trades we an early exit at 1.7460 for 30 & 30 Pips.
3/23/06
Short @ 1.7460, Stop @ 1.7500, Target 1.7420 & 1.7380 – Missed entry by 11 Pips.
3/24/06
Short @ 1.7370, Stop @ 1.7420, Target @ 1.7310 & 1.7290 – Missed entry by 18 Pips. Closed both trades around 9:00 Am due to reversal indicator. Saved a 100 Pip loss.
Eddie has trained traders for 10 years. His Forex trading course, or Forex seminar, is the only Forex Trading Education you need to make money Forex trading.