Friday, May 19, 2006

Back to Basics....Again! Damn Forex!

Well a disasterous 24 hours left me with a 10% loss on my account. Three trades all stopped out within 2 pips. Especially infuriating as the trades then reversed to head in exactly the direction I predicted.

Retiring to lick my wounds, I decided that a more philosophical approach was required! Turning to the book of Tao (Dao) I found this quote which seemed very appropriate for Forex trading!

"When undecided, do nothing. More will be revealed"

That lasted about 24hrs!

I decided that I would return to basics as some nice trending occured as well as the USDJPY behaving itself on the pivots.

Three trades - three winners. Back in the saddle again!

Pics of the trades below. Simple uptrends traded on the downward bounce from resistance yeilded some quick returns.
And this one!

Traded the downward reversal on this example below, as the pair had been bouncing between the pivots. - Bit more risky this trade, as the margin had been narrowing - but luckily I managed to catch the fall.

That's all for now. Good luck and have a great weekend.
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    At 6:27 PM, Blogger NumberTWO said...

    Good fx reading blog..keep it up...:)

    At 3:04 AM, Blogger Lazyman said...

    Hi, can I have your custom pivot point indicator for metatrader4. Saw your post on talkgold forum. I am new to forex :)

    At 10:41 AM, Blogger mutant dog said...

    Hi, can i have your pivotpoint calculator aswell?


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