The S1B GBPJPY position is doing well, already getting to +100 pips, however it has pulled back a lot since then – ironically this is what happened to the GBPJPY trade (T#154). Let’s see what happens this time. In any case, I have moved the stop to just above the entry.
The S1S AUDUSD has not moved a lot overnight. I am not adjusting the stop level at this point.
- I am finding it hard to follow JB. At the start of the day, there’s a running of loss of -15R for the month, which is truly incredible. I decided a week ago that I would simply copy JB’s trades, however I am simply not comfortable doing that. Very commonly the trades take a lot of heat, and JB lets them run a large distance again him. The stop loss management is often only done once the trade has gone significantly against us. I cannot trade like that, it doesn’t feel right. This is different to what I have been taught as to how to trade.
- This morning we entered two long Yen positions. After they went 20-25 pips against us, I decided to firstly come out with ½ the position, and soon after, with the remaining half – whereas JB stayed in the positions. I am just not comfortable with being 2R down within half an hour of starting the session. As this is happening often, could this be a sign that we are entering positions too quickly?
- I will make a comment later, as to how the positions “would have” turned out if I had not exited “prematurely”.
- EUR drops 1 against GBP. NZD drops one against USD. Thus the strong/weak/neutral camps are still the same.
- There are no STAM setups that I am considering at this point in time.
- S3 Analysis – There are no S3 setups at the moment – keeping an eye on EURUSD
- Equity STAM Analysis – No setups. Weekly momentum looks to turn bearish for the US indices too now.