Signing off for the week

Momentum is the life blood of any financial market. If the market doesn't move, well, there won't be any potential profit (or loss).

I closed my usd.jpy trade for BE, as this pair clearly has no momentum, and just wafting along aimlessly.

Clearly, the big boys are sitting on their hands, waiting for something to occur, before showing their hands again. I suspect it could be the news that is due to be reported in the later part of the day.

So if the big boys are gun-shy, so will I......especially with today being a Friday.

There's always another trade to catch.

This Swiss Pair ain't Rollin'!

Exited this trade at slightly above BE. Price is going nowhere.

Another BE Trade!

Held this trade over the weekend, moved stop to BE, came back on Monday - only to see price reversed and gave me a BE trade.

NFP Aftermath

Well, the rest of my audusd trade was stopped out, making the overall trade a BE.

Not meantg to be.....

My chf.jpy trade got stopped at BE.

So near, yet so far away

Exited my EUR.AUD trade at BE+1. When price was about 15 pips away from my exit target, I moved my stop to BE+1.

And I was promptly taken out of the trade when price reversed on me.

Next trade, please!

Rough ride, so I jumped off

The EUR.AUD pair that I went in was heading nowhere. Just chop, chop & more chop, and not much else. Choppy trades ain't my cup of tea, so I got out at break-even.

There will be other more predictable trades.

Break-Even Trade

Closed the GBP.CHF trade at break-even, when price started to move against me, after bouncing of support at the bar lows.

On my CAD.JPY trade, I moved my stop a few ticks beyond break-even point. I am planning to leave my trade over the weekend, so it's nice to have a risk-free trade heading into it.

Another Break-Even Trade!

Yep, here's another one in which I got out with my tail still in one piece! This time it was CHF.JPY pair. In looking back, this pair is quite choppy - I consider myself lucky to get out without harming my capital.

The Singapore Swing

The USD.SGD trade was exited at a little above my Break-Even level. There was a very obvious resistance area that I had missed. Price bounced off it, and I was lucky to get out with some cash to spare.

A bird in hand is better than two birds in the bush...

My EUR.AUD trade was stopped out at Break-Even level just now. Although I did not lose any money, I still felt a little mad at myself.....

Reason is that had I stuck to my original Exit plan, I would have netted a winner.

Now why did I move the goal post, so to speak?

Simple. I got greedy when the trade started to go my way.

Time to go slap my wrist.....

Getting out when things are not working as planned

Got out of the EUR.USD trade at BE. The pair stalled at the 1st area of trouble, which I only realized after I was already in the trade.

Obviously the momentum was not enough to push thru this minor resistance points, so I made a decision to get out with my initial capital still intact.

Note that the rejection was almost to the pip at the bar lows. If I had simply target the lows as my Take Profit place, my order may still not get filled due to spread.

This would be especially true for those exotic pairs that have wild spread, and tis could be costly to me.

I have now made some changes to my spreadsheet column to include this considerations when calculating TP points.

Bat out of hell

Well, I did not like the way this eur.usd trade is acting! The market has started to flash yellow lights, so I got out at BE+1, all within the space of an hour.

Why is it behaving this way? The "why" is not important - what I'm more concerned about is how I would manage it when it is not doing what I had expected it to do.

Let's move on.......

On another note, I am now thinking of adding stocks into the mix as well. Although this is essentially a FOREX blog, I will also add some of my future stock trades here. The instrument may be different, but my trading approach of relying mostly on price actions will still be applicable as well.

As they say, the more the merrier!

Another Road Kill!

I've decided to kill my EUR.USD Long trade (at BE+1, of course!), as there was clearly a lack of momentum.

Which is really not totally unexepected, due to the US having a 3 day weekend (4th of July fell on Friday). It means that there won't be many players, resulting in low volatility.

Sometimes, we do need to make slight changes in our trading plan, if the trade did not turn out to be as expected. This was one such case.

Still, I'm quite pleased that I did not lose any money on this trade - which is always a good thing!

Kiwi-Yen Intra-Day Update

I managed to move my stop to BE+1 level for the Kiwi.Yen trade that I took last night, before I went to sleep.

Woke up this morning to discover that my stop had been triggered by that hammer bar spike, before price promptly went back up again.

Could this pair now run all the way to the moon, after taking my stop out in this rather wicked fashion? Sure!

But I couldn't care less, as this is how I control my risk - which is to move my stop to BE+1 as soon as the situation warrants it.

Next trade, please!

CAD.JPY Trade

I took a Long position in CAD.JPY. When it shot up, I quickly moved my stop to break even or b/e (well, it was actually 1 pip above my entry point).

And whaddaya know, the market reversed.....and I got out at b/e + 1 pip gain.

Could this pair reverse back and head to the stratosphere after it has kicked me out? You bet!

Do I care? Nope, because I had acted upon my trading plan when I got out of this trade.

Most importantly, b/e trades are winners too.