Lucky Miss

Cable had sharp move down overnight and so there was more of a chance of a pullback in the London session but still we must take the trades.

There was a pin bar formed by the 6am candle with a low of 15793 (mid price) so i had an order loaded to sell at 15790, it went wthin 1 point of this before shooting back up into the 158's and never really looking back. A lucky miss indeed. There were a few more IB's but as they were above the open but below the 50ma we couldn't take the trades.

Tomorrow is another day.

open Bal £160

P&L £0

Close Bal £160

Quick pain

A nice quick loss in cable today. Less than 10 minutes in the trade!

THere was a 10am inside bar 15999 - 16033 followed by a pin bar

I sold at 15996 and it immediately popped back above 16000 and stayed there.

On to the next trade.

Open Bal £170

P&L -£10

Close Bal £160

First trade was exited at 16206 after the 1200 (midday) candle broke the high of 16200 of the previous candle giving us 140 pips profit which equates to a £70 gain or 70%. Wouldn't it be nice if they were all like this!

Open Bal £100

P&L +£70

Close Bal £170

And we're off.

1st trade in the ETX account

Short at 16346 stoploss 16366 size 0.5 (50p)

Short of 7am IB 16349-16382

below 6am open and 50ma

Nice break lower from Cable and we were never really in any drawdown.

The high of the 9am candle is 16242 so i have moved the stop down to 16256, hoping 16250 will act as resistance. Still should be 90 pips locked in, not bad for a 20 pip risk!

Nothing so far today even though Cable has had a good move.

There was a fairly dubious looking Pin at 6am and the 10am was shaping up to be a good Inside Bar but rallied to 1 point above the last hour in the last few minutes. Maybe i should've still taken it but it also meant an IB points which is at the larger scale for them and would maybe mean the move has already plated out.

Would have been stopped out now anyway.

I have opened an account with ETX capital and they fund the account with £100 so i'm going to try and trade this up using DIBs and also pin bars.

THE RULES

TRADING RULES

• Breakouts of Inside bars and Pin bars.
• In direction of the day which will be decided by taking the open of the 6am bar on my chart.
• Long above 50 period Moving average, shorts below 50ma.

MONEY MANAGEMENT

• Stop losses will be 20 points from entry
• once 30 points in profit i will move my stoploss to entry. (amended from 40)
  
• Stoploss wil be trailed a few points above(short) or below (long) the the high or low of each 1hour candle.
• I will initially risk £10 per trade, or 10% as the account is only funded with the free £100 from ETX, this will be reviewed as the account grows.

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