Up and down day
Markets seem pretty restrained this morning, with most pairs in fairly tight ranges. Even those in CDM‘s aren’t moving a lot.
News this morning is the CAD trade balance at 7:30 CDT. I took a long entry on USDCAD after the news spike peaked and then pulled back to the candle open, because it was in the direction of the overall USDCAD move, an it had pulled back enough that it would place my stop well down in the sideways chop before it broke out. However, I apparently screwed up the trail stop I set that would lock in break-even if it got to the next level, because it just took me out for +0.6. Which might end up being a blessing in disguise, since the trade really didn’t seem to be going anywhere.
I have an errand to run before the markets open, so I probably won’t take any more trades until I get back from that.
Back from my errand. Took a YL trade on GBPUSD, which was stopped out a few minutes later for <10.1>
Things are moving slow, but I just got 2 range break trades triggered, one on EURUSD, the other on NZDUSD.
Added a Re-entry on further continuation on the GBPUSD at the 1.4000 level.
Because it was waffling so much, I chose to treat the AUDUSD as a range, and took the breakout. And more RBO’s on CADJPY and USDCAD. The USDCAD stopped out fairly quickly for <10.0>.
And then I punched out of the AUDUSD for <9.2> when the candle closed inside the range.
The EURUSD hit a very tight protective stop for +2.2. So, at 10:10, I’m down about <26>, and holding NZDUSD, GBPUSD, and CADJPY. Punched out of CADJPY for <4.7> when the 10:00 candle closed inside the range.
GBPUSD is getting very close to my target of ’80. Tightening up the trail stop to protect the gain.
The protective stop on GBPUSD was triggered for a gain of 10.9. Now sitting down <20.3> and still holding NZDUSD.
Punched out of NZDUSD for +4.6 becauseOnce it was not going much of anywhere, and I needed to go run an errand. Finished down <15.7> on 8 trades, which was 0.68% of my account balance. Down <64> pips for the week.
Once again, my fear of loss hurt me. Moving to the tight stop on EURUSD resulted in exiting with +2, when it could have easily gone for 15. The tight stop on GBPUSD resulted in a gain of +11, but it could have gone for +20. My hesitance to get into the AUDUSD resulted in missing out on a gain of +13, and instead, taking loss of <9> when the trade closed inside the range. And hesitance to get into the USDJPY trade early cost me as much as 40 pips. Kim took 99 out of the same market that I lost <16> on.
Try to learn when to apply those lessons.