I spent just from 7am to 9.30am in front of the trading screens this morning. That’s about all that i could handle. See the charts of the trades I took below. Basically the only pairs trending right now (IMHO) are all the USD pairs, and they are pretty much moving in unison. Cable was trading within spitting distance of the 1.62 handle so I chose that one to trade. The Dow and DAX are a bit mixed now, following their strong rallying on the dovish FOMC minutes last night. I will take another look at them during prior to the Wall Street opening bell.
It took two attempts on Cable before it worked out. It looks fairly simple on paper (i.e. on the screen shot below) but the emotional fatigue one goes through (or at least that i go through) is pretty f**in mental – this is probably a bad sign in itself – trading shouldn’t be a walk in the park – but it shouldn’t be a walk in hell every time you have an open position either. Hence why I packed up and came to Cafe 1001 to be a bit more relaxed. Is that potentially a drawback from working out of a trading office – I just keep on sitting there in front of the screen, and then of course, I am more likely to put on more trades, even when I should not?!? I am finding that I am a bit more relaxed the way I ahve been trading the past two weeks, and I am putting on less trades than before. Hmmmm, interesting thought.
All right so the scratch on Gold and a net gain of +0.83R on the two Cable trades. Nicely nicely. Though one has to ask how well I managed the trade on the 2nd attempt. Taking off 1/2 ahead of the 1.62 handle was fair, but why not trail the 2nd portion along the EMA’s. I could have made a lot more gains on that. I would say it was FEAR that drove me to close the 2nd portion at 1.6196.