I put three more trades into my CMC account on FOMC day.
Two of these were on Cable (the GBP-USD currency pair) – it was interesting because the first trade was long (I was buying the currency pair), and the second trade was short (I was selling the currency pair). In yesterday’s post, I had shown how I see the chart on the 1H timeframe. This showed that price was at the top end of the consolidation range – hence both long and short trades were possible depending on the price action.
The third trade was on the DAX. The 1H trend was still bullish and price was trading at key level around 10,600. I was rather lucky with the stop placement here (just below the 10,600 level). As you can see from the chart, price went as low as 10,606 – nearly 30 points against me – before it started its upward path.
So, all in all, that was a good day in terms of results – losing 0.59R on Cable, then winning 0.95R on Cable and 1.54R on the DAX – for a net gain of 1.9R. I wasn’t very productive whilst managing the trades – didn’t continue with my testing in the simulation software. But had some good chats with my trading colleagues along the way, too.