I thought it was about time to add an update on my trading activities. I had been in a bit of a purple patch over the last week and here’s a summary of my trades; this week has not been so favourable. Maybe I got complacent, but I placed some bigger bets than usual and have again eaten in to my gains!
20 February 2008 – GBP/USD
I traded a break of the support line to make a 30 pip gain and left the rest to ride until it was stopped out as the market turned in the opposite direction.
26 February 2008 – GBP/USD
I traded a break of the resistance line to make another 30 pips and left the remainder to ride, however that was stopped out again on market reversal.
27 February 2008 – GBP/USD
I traded a break of the resistance line to make a 50 pip gain, I actually took the whole lot off this time.
Ok, so I didn’t have such a good time today!
My chart set up is shown attached; unfortunately I had this trade entered in my platform whilst I was out, and the candle just triggered my entry at the red line however then proceeded to move in the opposite direction. Had I been sitting at the screen I may have done this differently. It looked to me as if there was a flag pattern formed and I was expecting a move down to reflect the size of the flag pole, i.e. 100 or so pips. This could still transpire, let’s wait and see.
Click the image to see a larger version.
I also put on a higher stake than I should have today, at £3 per point, the upshot being I lost £90.00 on this trade.
Bank now stands at £277.95.
There was a clear break of the support line I had drawn early on in the day; using my usual entry rules I entered the trade 5 pips beyond the end of the first candle to close outside.
Click the image to see a larger version.
I wanted to take an early profit, so took 75% of my money after 30 pips, and another 50% off after a further 10 pips, moving up my stop to the 30 pip level. I left the remainder on to ride a bigger move but was stopped out with a 30 pip profit on that. Overall a really nice and easy trade to make.
Bank now stands at £367.95.
