Reviewing the charts early this morning, I found no really convincing direction.

I traded the CAD news on both the USDCAD and the CADJPY, and got stopped out both times for <10.0> and <12.0> respectively. Down <22.0> and scanning the charts before the market open.

Took a pullback trade on AUDJPY long, which stopped out for <12.1>.  Pending orders were hit for re-entry on USDCAD and CADJPY after the losses on the CAD news. Currently down <34.1> and holding USDCAD and CADJPY.

USDCAD has moved up as much as 40 pips, and I currently have a 1:1 return locked in (+10 pips).  CADJPY has moved about 16 pips from my entry, and I have moved the stop to BE. I’d like to hold on and see where they go, but I may not have the nerve. I have to be on guard against my “goals” limiting my potential performance.  Right now, I would have 2 goals – the first would be BE for the day, since I’m down <34.1>.  The second would be BE for the week.  I’m starting the day down <21.9> for the week, so I need about +56 from where I am now to get there.  I have been a couple times where I could close out the CAD trades for net +40 or better, which would get my first goal, but it would limit my ultimate return if the CAD continues to fall.  On the other hand, how much is it reasonable to expect to take off these trades?

Well, I don’t have to worry about that.  There was a sudden surge in CAD strength that drove both trades to the protective stops – USDCAD for +10.9 and CADJPY for +0.9. Disappointing after being up a combined 40, but I stuck to the method. Except that I could have taken a re-entry trade on the USDCAD immediately after hitting the PS.  Currently flat and down <22.3>.

After surging momentarily in strength and taking out my protective stops, CAD then fell even deeper.  If I had still been holding, I would be up +70. Oh, well. #weneverknow.

Meanwhile, we got range breaks on USDJPY, EURJPY, and EURUSD.  The EURUSD closed the candle inside the range, and I punched out for <5.7>. The EURJPY closed the candle outside the range, but then continued pulling back and stopped out for <10.1>.  It had been up by 14. Was that enough that I should have taken it at BE? Hmmm. The USDJPY is holding for the moment.  That leaves me currently down <39.0>.

The USDJPY closed the 9:30 candle just inside the range. Punched out for <2.9>.  Now flat, down <41.9>, and waiting for oil news.

The AUDUSD broke it’s range to the short size, but then closed the next candle back inside the range, resulting in a loss of <5.5>pips. So I’m now down <46.5> and flat.  Not sure how much longer I want to keep this up.  We’re coming up on London close.

I’m going to call it.

Day’s results: 9 trades, 2 wins/7 losses for <46.5> (-2.21%).

Week’s results: <68.4> (-3.12%).

Month’s results: <331.2> (-13.9%).

 

Not a good day, week, or month.

Mistakes today: Moving stop loss to BE too early on CADJPY RE after early news.  That cost me 40 pip if taken at the ’80 level, even more if taken nearer the bottom. And failing to re-enter the USDCAD after hitting protective stop.  That cost me 70 pips.