Going long GBPUSD this morning, pair is trending up and risk can be kept low at latest fractal.
My AUDNZD trade from yesterday got stopped out. No confirmation of the trend, we’re basically ranging like on most pairs currently.
Another case of retrace taking me out with subsequent continuation of the trend in the right direction. No problem, but a very bad start of the month with mainly losing trades so far. I do however have two open trades that are in profit. I’ll have to manage them well to get the money management machine to save the day. No change in the strategy, no revenge trading, I missed a couple of good signals that happened during midday but that’s how I trade, nothing I can change and it’s been profitable so far. So this month is a typical case were psychology usually drives you to overtrade or shift strategies. I’ll try and stick to the rules without emotion.
Going short, a trade setup on AUDNZD has appeared, trend is down, price is below cloud, Kijun and EMA trending down, stop loss at previous fractal, low risk 0.9%.
All trades entered this morning were stopped out during the day, all trends initiated at the end of last week reversed.
Each trade was taken with a very low level of risk, around 0.7 to 0.8% by trade so the loss for today is around 2.1 to 2.4% of my account.
No worries, keep looking for the winners that will make the month, as usual. No revenge trading, no emotions around these losses, they are just what I consider as “my cost of operation”. If I were a startup company these losses would just be the operating costs for Feb.
Just got a short signal on my 4 hour chart of the EUR/NZD. Price below cloud, Kijun and 21 EMA sloping down. Latest fractal enables f or a tight stop. Go short.
I closed all open trades for the weekend.
Total gain is +472 pips on 3 trades, configurations were well oriented.
As always, these three trades offset a long series of losing trades since the money management and the stop placements always keep risk at a very low level.
Have a great weekend all.
My EUR/CAD long is looking good, trailing stop to fractal that has just been created. Upward slope seems good, higher highs are being made.