|
|||||||||
|
Here is my London Trade for today. I am closing my FXCM UK account because of the new CFTC laws that went into place in the US. Complete bull, but I guess that is the way it goes. No one says that I didn’t try. I’ll have more on that in a couple days. But for now, here is my trade from last night in my tiny little Oanda account. The final result was a +3.9% gain on the account. I made a mistake on this one. It’s a good thing that it wasn’t one of those catastrophic mistakes. I ended up making money on the trade, but not as much as I should have. What happened? I closed the trade too early. I’m not to sure how much profit I’m going to end up missing, but I can’t think of it that way. I am glad to make a profit tonight and I will learn from the mistake. The final result was a +1.2% gain on the account. At least this made up for last night’s loss. I was not a typical London Trade because the Stocastics were not in the signal area, but it was a good continuation pattern. I’m also starting to get the hang of producing these videos. Hopefully they are getting easier to see and understand. The final result was a +2.9% gain on the account. Here is my London Trade for today. The final result was a -2.2% loss on the trade. As it says in the video, I should have used a 25 pip stop loss. I could have also not traded the second time and have been OK with a -1% loss. Hello Traders, This is my trade for Wednesday August 18th. It is a classic London Trade on the GBPUSD. Price looked like it was forming a bottom at the beginning of the London Session. In addition, there were two long wicks at the bottom, possibly hinting that price will go up. Here is what happened:
The final result was a +2.9% gain on the account. Here is my trade for today. The result was a +0.4 gain on the account. The end result was a +0.02% gain on the account. Here is another London Trade. After some frustration, I think I am starting to get the hang of this. I decided to a video this time. The final result was +5% on the account. This was the best London Trade so far. I was finally able to let price run a little.  Click above to enlarge What was I doing here? I bought two positions like I was supposed to but I ended up closing way too soon. Stochastics were setup and there was a great reversal bar pattern at the beginning of the London Session. As you can see on the chart it is embarrassing how early I closed them. If I would have stuck to the profit target on the first position and let the second one run, I would have potentially have had about 150 total pips. That would have been my best London Trade to date. Alas however, I ended up with jack crap. I have come to realize that part of the problem may be the fact that Click here to continue reading July 19, 2010 EURJPY London Trade >>  Click above to enlarge Here is another nice little London Trade. Price hit a previous resistance level at the beginning of the London session, accompanied by and overbought situation on the Stochastics. I actually entered a little late because I missed the true reversal pattern. As you can see on the chart, I exited both positions way too early and missed out on another 90 pips or so. Why did I close them out early? Again, it was because I being too conservative. If I had followed the plan that I have been backtesting, it would have been a good trade. Click here to continue reading July 16, 2010 EURJPY London Trade >>  Click above to enlarge Whew, I haven’t traded for awhile huh? As soon as I saw this setup, I had to jump on it. My backtesting has shown that once this setup occurs, there is a very good chance that price as hit a turning point. There was a chopstick formation where there were two long wicked candles to the downside. This usually signals a move back up. Therefore, I jumped in long, but I only took 1 position. The usual London trade rules call for two positions, setting the take profit on one at 20 pips and letting the second one run. Why did I do this? Click here to continue reading July 15, 2010 EURJPY London Trade >> This London Trade was a little frustrating.  Click above to enlarge The trade was profitable for a little while, but then it started moving against me. I decided to close it out and go to sleep. I was a little disheartened by the previous losing trades, so I didn’t want the loss to get any bigger. It was probably just as well because price proceeded to jump up later. The final result was a -0.5% loss on the trade. |
|
||||||||
|
Forex trading is a high risk endeavor and may not be suitable for |
|||||||||
