Friday, November 4, 2011

11/4 Friday session

Well, like I said, I've been having trouble believing my own analysis at times and entering trades so I've decided to get out of live for a bit and build my confidence on demo. Last night I spotted a couple possible entries on the EUR/USD, the AUD/USD and the USD/CHF. I entered short on the Euro and the Aussie expecting some downward movement today. Not necessarily a good idea on Friday but with the news out of the EZ this week being nothing but bad mostly, I felt I might be able to take some profit out of it. Unfortunately, I missed out on a good chunk of profit because I didn't do quite enough analysis to determine my targets. So I just went back and looked over my charts to see if there was any way using the information before today to determine possible targets for these shorts, and managed to find a couple trend lines that might have given me good targets. Charts and explanations are attached. As for my Swissy trade, I already mentioned how that one went a post or two ago and how I expected it to affect my other trades as the session went on. And it was pretty much on point, this was one of those times with the former two move inversely with the Swissy and that should've played into my profit targets for today. Not such a bad day though, still closed out +61 pips on three trades. I managed to miss most of the session too by sleeping late. Hopefully I can pull off some even stronger days next week. Until then, time to sit back pick my targets, do my analysis, and wait for Monday.


EDIT: I placed the pending orders in case of breakouts during London/Frankfurt that I knew I wouldn't be awake for. Probably closing them Sunday for the new week.

2 comments:

  1. You should think about making the grid lines a dark gray. The current white makes it hard on the eyes to see the different bits of information.

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  2. I actually have since turned my gridlines off, they make everything too cluttered and I'm typically marking key levels of interest with my horizontal lines anyway, so they're a little superfluous.

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