Open trade stopped out by the usual Sunday slop. It is nearly impossible to hold a position over the weekend if the stop isn't something like 100 pips away. OANDA has a 10 pip spread on everything from the open in New Zealand until the Tokyo open. It was a small profit, and while it's mighty frustrating, re-entry is only a 1-pip spread away once Asia opens.
Previous equity: $99.26
Pip change: +13
Change: +$4.34
% Change: +4.37%
Current closed equity: $103.60
Current position: flat
Current exposure: 0
Sunday, August 31, 2008
Friday, August 29, 2008
Locked in more...
Moved stop down to 1.4696 to lock in 10 more pips.
Current closed equity: $99.26
Current position: Short 3350 EUR/USD from 1.4711
Current exposure: +15 pips locked in. +$5.02 or +5.06%
Current closed equity: $99.26
Current position: Short 3350 EUR/USD from 1.4711
Current exposure: +15 pips locked in. +$5.02 or +5.06%
Locked in...
Moved stop to breakeven less 5 pips. No sense in letting a winner turn into a loser, but I don't want to trail too closely and kill the trade. If it reverses by 50 pips, I want to get out and to keep a little something for my trouble.
We're only a few minutes ahead of London close, when a great deal of liquidity will be drying up ahead of the US holiday weekend. (I'll enjoy a day off, but the violent cartelization of labor markets is hardly anything I consider worth celebrating!) I'm totally willing to hold this position over the weekend... sometimes it works out well, and sometimes it doesn't. Britain and Europe will be working Monday, so I will be watchng to move stops and manage this open position if it's still alive by then, but I won't likely initiate any new positions.
Current closed equity: $99.26
Current position: Short 3350 EUR/USD from 1.4711
Current exposure: +5 pips locked in. +$1.67 or +1.68%
We're only a few minutes ahead of London close, when a great deal of liquidity will be drying up ahead of the US holiday weekend. (I'll enjoy a day off, but the violent cartelization of labor markets is hardly anything I consider worth celebrating!) I'm totally willing to hold this position over the weekend... sometimes it works out well, and sometimes it doesn't. Britain and Europe will be working Monday, so I will be watchng to move stops and manage this open position if it's still alive by then, but I won't likely initiate any new positions.
Current closed equity: $99.26
Current position: Short 3350 EUR/USD from 1.4711
Current exposure: +5 pips locked in. +$1.67 or +1.68%
Moved stop
This trade started off well enough, but has really begun to stink up the joint. Moved stop down to 1.4743 to reduce exposure.
Current closed equity: $99.26
Current position: Short 3350 EUR/USD from 1.4711
Current exposure: $10.72 or 10.8%
Current closed equity: $99.26
Current position: Short 3350 EUR/USD from 1.4711
Current exposure: $10.72 or 10.8%
Goin' down?
Short 3350 EUR/USD from 1.4711 at 9:47a.
Initial stop: 1.4753
Current closed equity: $99.26
Current position: Short 3350 EUR/USD at 1.4711
Current exposure: $14.07 or 14.17%
Initial stop: 1.4753
Current closed equity: $99.26
Current position: Short 3350 EUR/USD at 1.4711
Current exposure: $14.07 or 14.17%
Set 'em up again...
Looking to go long 1 pip above the high of last hour at 1.4760 or short 1 pip below the day's low at 1.4711. Position size 3350 units making each pip worth 33.5 cents. 42 pip initial stop, making the exposure $14.07 or 14.17%. One order cancels the other.
Current closed equity: $99.26
Current position: flat
Current exposure: 0
Current closed equity: $99.26
Current position: flat
Current exposure: 0
Stopped out 8:57am
Ouch! That didn't take long.
Previous equity: $111.25
Pip change: -32
Change: -$11.99
% Change: -10.78%
Current closed equity: $99.26
Current position: flat
Current exposure: 0
Previous equity: $111.25
Pip change: -32
Change: -$11.99
% Change: -10.78%
Current closed equity: $99.26
Current position: flat
Current exposure: 0
Trade triggered
Long 3750 EUR/USD at 8:34a.
Trade gained about 7 pips, then immediately started going against me.
Original stop was 1.4709. Moved it up to 1.4719.
Trades that do not start producing profits from the get-go do not get rewarded with 'room to run'.
Current closed equity: $111.25
Current position: Long 3750 EUR/USD
Current exposure: $12 or 10.79%
Trade gained about 7 pips, then immediately started going against me.
Original stop was 1.4709. Moved it up to 1.4719.
Trades that do not start producing profits from the get-go do not get rewarded with 'room to run'.
Current closed equity: $111.25
Current position: Long 3750 EUR/USD
Current exposure: $12 or 10.79%
Jumping right in...
Looking at the EUR/USD market this morning, I see a good deal of choppy directionlessness. Typical after some of the monster moves we've had of late. Also, there is little in the way of scheduled news today, so I'm not expecting much from today's action. What I expect is immaterial however. I'm often surprised by the markets, just like everyone else who spends any time with them.
I always consider 2am edt/6am gmt as my open. One of my rules is that under most circumstances I am unwilling to be long unless we're above the open, and unwilling to be short unless below. This morning, we've been working both sides of the open, which I have as 1.4750.
The day's low so far is 1.4712, so I will go short if we break that. There is a set of matching hourly highs (5 & 6am) just under the open at 1.4749, so if we break above the open again, I want to be long. I will cancel the other order when either is executed, and they both have an initial stop of 42 pips.
Position size on both orders is 3750 units, making each pip worth 37.5 cents. If I take max loss on either order, it will mean a loss of $15.75 or 14.2%.
Current equity: $111.25
Current position: flat
Current exposure: 0
I always consider 2am edt/6am gmt as my open. One of my rules is that under most circumstances I am unwilling to be long unless we're above the open, and unwilling to be short unless below. This morning, we've been working both sides of the open, which I have as 1.4750.
The day's low so far is 1.4712, so I will go short if we break that. There is a set of matching hourly highs (5 & 6am) just under the open at 1.4749, so if we break above the open again, I want to be long. I will cancel the other order when either is executed, and they both have an initial stop of 42 pips.
Position size on both orders is 3750 units, making each pip worth 37.5 cents. If I take max loss on either order, it will mean a loss of $15.75 or 14.2%.
Current equity: $111.25
Current position: flat
Current exposure: 0
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