EUR/USD Mini Range Break

An excruciating trade over 14 hours. The EURO popped out of extended consolidated price. I entered on the retest at 1.3607. Price then proceeded crawling in a narrow range and almost stopped me out (1 PIP to spare). I stuck with it and got within 1 pip of my target (of 40 pips) overnight.

I closed the position early in the morning with +23 pips as liquidity dropped off after the US session.

Stopped on the EUR/JPY

I have had a good month to date but with hindsight I stuck with a pretty low probability set-up yesterday to clip back a great deal of my month profit.

I entered the EUR/JPY long in the morning Asian session on Tuesday (which is generally slow at best). My entry was a large green engulfing candle on the 4hour time frame from Monday - I waited for a retracement and entered based on 1 hour chart above - green engulfing closing above the 50EMA.

The market then proceeded to go sideways for the next 3 hours. The mistake I made was that my gut feel was to exit the trade with lunch money profit and wait until the Europe/London sessions opened for possible re-entry, however I held on and the market tanked to take out my hard stop in the afternoon (-$700).

My dilema was going with my gut instinct versus sticking with the trade - this is why trading cannot be fully mechanical. The feel of the market wasn't right - I should have took the salad sandwich profit and waited on the sidelines until some liquidity presented itself.

Scalp on the Aussie

Took 30 point scalp on the AUD/USD off the 15 minute time frame. 1 hour was also offering resistance under the 50EMA.

Entered on engulfing candle as price approached moving average resistance.

Range Break on 'The Cable'

The middle of the month saw the GBP/USD ranging between 5325 and 5490. A close above this range may have triggered an entry. I on the other hand prefer to wait for the break and wait for a retracement to the range wall and pick up a candle pattern entry at a wholesale price.

I conservatively picked up 63 points as the momentum slowed towards the previous high. A more consistent profit target may be at the 161% Fibonacci extension.


I was also going to a show a losing trade that I took the week before - but for the life of me i cannot fathom why i got into the trade and have no notes in my journal - mmmm wonder why it failed?