What started out as a very lackluster morning – nearly everything was ranging – ended up being a very good day for my results.

I started out taking 2 trades on the US Durable Goods news, along with the release of the new Fed Chairman’s testimony at 7:30 (CST).  Both trades were stopped out in fairly short order, so I started the morning down 20 pips. I got back that 20 on an EURUSD trade that I held for a while and punched out of shortly before the Conference Board Consumer Confidence report at 9:00, because I didn’t want to chance holding a USD backed pair across the red USD news.  And also because I was able to get enough out of it to offset the early losses.

I then took a full stop for <10> pips on a AUDUSD breakout that pulled back. But then, over the next hour, I had setups trigger on about 6 pairs, and most of them were moving – slowly and erratically at first, but later on in the hour with greater speed.

My actions were colored by “recency bias” – yesterday I had a goal of 30 pips, and I was up over 40 at one point but didn’t take it, hoping for more. I ended up with 1.8 pips.  Today, I didn’t want a repeat of that.  My goal today was 45 pips, which would get me halfway to ending the month in the black.  With 40+ pips on the GBPUSD, and a couple other trades up in the teens, I realized I was there, and I punched out of everything.  Final tally was up 51.1 pips.  And reviewing the charts afterward, pretty much everything pulled back substantially shortly after I punched out, so, at least in this case, it turned out to be a good choice.

Results:

10 trades, 6W’s, 4 L’s. Net 51.1 (+2.60%).  Up 52 on the week, but still down <38> for the month.