August 19
Ughhh...what a long day with a disappointing ending.
Got off to a good start with some JPY longs for about 30 pips...also took an EUR short against AUD and NZD then added some more NZD postions on an NZD buy siganal...and that is where things got difficult. The trading method I use counts on a certain pattern completing to give us our pips. Today I scratched away at a bunch of up and down movement in NZD and felt the longer we could hang in there, the better our chance of at least getting a move to get us out at B/E or with a minimal loss...unfortunately the market had other plans for NZD and I had to cut the basket for about a 1% loss, which is about .25% more than I wanted but the basket moved against me about 125 pips in a matter of seconds and I had to quickly close it out. With the +75 pips of closed trades that we had, we ended the day -.72% (-257 pips).
As disappointed as I am at the loss, I look at how much worse this could have been if I opened up the stop, EURNZD alone had moved over 100 pips beyond out exit, and GBPNZD 150 pips....WOW!
Not so happy, but happy trading anyway....
Joe
Ughhh...what a long day with a disappointing ending.
Got off to a good start with some JPY longs for about 30 pips...also took an EUR short against AUD and NZD then added some more NZD postions on an NZD buy siganal...and that is where things got difficult. The trading method I use counts on a certain pattern completing to give us our pips. Today I scratched away at a bunch of up and down movement in NZD and felt the longer we could hang in there, the better our chance of at least getting a move to get us out at B/E or with a minimal loss...unfortunately the market had other plans for NZD and I had to cut the basket for about a 1% loss, which is about .25% more than I wanted but the basket moved against me about 125 pips in a matter of seconds and I had to quickly close it out. With the +75 pips of closed trades that we had, we ended the day -.72% (-257 pips).
As disappointed as I am at the loss, I look at how much worse this could have been if I opened up the stop, EURNZD alone had moved over 100 pips beyond out exit, and GBPNZD 150 pips....WOW!
Not so happy, but happy trading anyway....
Joe