5 January 2008
I got stopped out of my trades today. The first one was USDCAD where I was stopped out for 60 pips and NZDUSD which got stopped out for 39 pips. Both trades were triggered by my 5/8 cross so I'm quite proud to say, it was a good loss. I stuck to my rules and lost money. Way better than if I hadn't stuck to my rules. My short USDCAD was initiated because it broke through my support point of 0.9860. My NZDUSD trade was for a bounce off the trend line on the H4 chart which, if successfully hit my target would hopefully reach the top of the wedge on the daily.
Out for a loss of 99 pips today. Still profitable for the month in pip terms.
Scorecard for USDCAD
Traded with the Daily Trend YES
Traded with the Intraday Trend NO
Followed the plan YES
Profit NO
Scorecard for NZDUSD
Traded with the Daily Trend YES
Traded with the Intraday Trend YES
Followed the plan YES
Profit NO
Total Loss: 99 pips
About Me
- jody
- I've been trading for 4 years now and damn, I come across something new every single time. I had a private website prior to this to keep records but I've decided to blog it all down for 1 main reason. That is, with people reading it, I will be more disciplined and I'm sure we all know how much discipline means to us. I'm a trend follower and I love breakouts. My trading system is a very simple one and although I have a stable one, I still test systems all the time and I really enjoy looking at different ones. My own system places a lot of emphasis on price action and regular technical analysis and I do use fundamental analysis as well. My trigger for entry is a basic moving average cross. Simple as that. I will be posting my trade analysis and journal here from now. Cheers!
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