Pretty tight day today. Maybe because it was a large moving day yesterday and maybe because of the FOMC minutes tonight – who knows!? Anyways, for me I started off with three small losing/scratch trades on EURUSD and DAX thus far this morning. I managed to come out of all of them fairly quickly thus saving myself from full losers. I only risked 0.5R on the DAX trade because it was against the 1H trend. It’s very interesting that I seem to be eager to risk less than 1R when I am trading profitably. Surely I should be considering risking a little more when trading is going well?
USDJPY 121 handle
A thought on tackling “Double Zero” levels or “handles” on USDJPY. Or more generally speaking, I am sure it would be possible to be a full-time trader on solely trade the round numbers on the major fx pairs.
And here’s the USDJPY chart again – though this time with two executed trades – both were betting on the push through that 121 handle – the first one failed, the second one worked. In trading USDJPY I also kept an eye on Cable, EURUSD and the US Dollar Index.
Of course, naturally dollar-yen just kept going after I took a snapshot of the chart. It’s now trading 121.30 – LOL!