In trading, timing is paramount. Entering a trade early, before the move is the same as being wrong about its direction.
I entered my GBPCAD long trade yesterday, but in the middle of the night my stop-loss was triggered. Ultimately the pair did trade in the direction I initially thought it would, but not before a big pullback. Timing my entry better could have made this trade a profitable one.
Here is the post-mortem of the trade
When it comes to trading Forex exchange I like to trade a weak pair vs strong pair. I want to go long GBPCAD I want to some confirmation that the market has a bullish bias on the GBP and a bearish bias on the CAD.
With the strengh of the GBP and the weakness of the CAD, I entered a long position on the GBPCAD.
Novagold was a name on my watchlist that I decided to play after it had a nice run up from $2.30 to $2.50. While the momentum was still trending to the upside I jumped on for a nice week long swing trade.
The swiss franc seemed to have gain some strengh against the Dollar and the Euro.
I think if this pair pulls back around 0.9450 it might be a good short.
I did not take a single trade today. I was watching the following pair but my entries were not triggered.
The sun revolves around the earth (18%)
I can’t believe 18% of people in the United States believe the sun revolves around the earth, but again, I’m not surprised.
Image compliments of Best Psychology Degrees
Today I only took one trade but it was a profitable one.
| Entry | Profit Target | Stop Loss | Exit | Profit / Loss | Close Method |
|---|---|---|---|---|---|
| 131.83 | 131.73 | 131.93 | 131.73 | +10 pips | Profit Target |
khanacademy, youtube.com
Best explanation of SOPA/PIPA
It’s sunday night and it’s always a great time to review the trades of the past week and prepare for the upcoming week.
France lost its AAA credit rating. Although it is no surprise to many traders, the price of many currencies have not expressed this news yet.
Trade the market you see, not the one you want!
Good trading this week
looking at shorting CHF/JPY after support has been broken.
Looking at a nice short on this chart. Support has been broken, let’s see how it behaves over the new year.
Created by OANDA
We’ve all had crappy trading days and weeks. Here is a nice article on how to get back on track.
