One step forward, two steps back

One step forward, two steps back

Getting an early start due to the ADP news at 7:15.

Seems like it was a pretty good miss – 241K vs expected of 210K – but there doesn’t seem to be a lot of movement, at least initially, so I’m not going to take any trades on it.

After the news, I had YL trades hit on both the GBPUSD and the GBPJPY.  Since they were probably being driven by moves in the shared currency (GBP), I determined if one of them stopped out, I’d take the other off too.  Sure enough, GBPUSD stopped out pretty quickly, for <10.1>, and I took GBPJPY off for <6.9>, which saved me 5 pips, since it also continued a deeper pullback and would have topped out.

Now down <17>. Now to consider re-entries.

Re-entry taken on GBPJPY on further pullback.  Short taken on CADJPY on a pulback. Re-entry also taken on GBPUSD, and then both GBPJPY and GBPUSD stopped out. Done with those two for the day.  Now down <39.2> early.  Not good.

We’ve clearly moved into a no-follow-thru mode.  When I did the trade planning, there were only 3 pairs in ranges.   Now there are 6, and a few others that have had big pullbacks, but are not quite back inside ranges.

Took a short on USDJPY on a pull back, and got stopped out for an additional <10.0>.  Also took  market entry on USDCAD on a pullback.  Now down <49.2>, holding CADJPY, NZDUSD, and USDCAD at 8:41 CDT.

Punched out of NZDUSD as the range break didn’t go anywhere and the candle closed back inside the range.  Lost <4.5>, now down <53.7>.

Both CADJPY and USDCAD stopped out for <12.1> and <10.1>, respectively.  That puts my losses at <75.9>, which is over my line in the sand, and I’m done for the day.

So much for making ground on my goal for the month.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *