Good day trading today. There were some moves despite the highly anticipated FOMC decision tomorrow night.
I followed my entry setup rules as well as attempted to follow my trade management tactics. Sometimes it’s difficult to act quickly enough – especially on the DAX. All in all, I am feeling much more comfortable with some rules in place.
I was somewhat lucky on my 2nd Cable trade where a tightened stop survived by a mere 0.7 pips, and that was after I had moved it by 2 pips to put it below the EMA20, rather than having at purely on the entry level (ironically this very tactic, moving it to “break-even level”, which of course may not have a technical significance, cost me a winning trade on the DAX earlier on in the day).
Anyways, after coming within 0.7 pips of my tightened stop, Cable went up a bit more, and a bit more, and then popped 25 pips in one instant above a key level from the 4H chart – there must have been a lot of pending orders above that key level !? It resulted in a win of 2.03R.
So both entry selection and trade management tactics seemed ok today. Aside from a loser on the DAX right at the end of the day, I came out with a profit of 2.95R (3-1-1) for the day, which was rather nice.
=> Keep going George. First step is to take only valid setups (and only on Cable and DAX for now), and second step is to manage the trades using the tactics that i am developing.