Thursday, October 1, 2009

Woken up

After a few day with not much decent price action Cable has put in a double high/pin bar with a high of 15991.

I entered an order to buy at 15994, with a 20 point stop, which has been triggered and the trade has now moved 30points in our favour so the stoploss is now at breakeven.

*I have amended the rules slightly so that once a trade is now 30 instead of 40 points in profit i will move stop to breakeven, this is because it seems that if the trade has gone this much in our favour a pullback to entry will more likely signal a failed breakout so we are better out and waiting for a better opportunity that giving away money, although we may miss a few moves his way it should reuce the losses and make the account growth smoother.

The trade ran back and stopped us out at breakeven...better than a loss. It then carried on falling and would've hit the original stop anyway.

I may not trade tomorrow morning as i think it may be Non-farm payrolls in the US so may just be choppy all morning, but we'll see

Open Bal £160

P&L £0

Close Bal £160

No comments: