Monday, April 5, 2010

A 1 Trade Day & A Quick Observation

Half of the currencies were chopping and bobbing today, the other half all made pretty much the same sell off but did so in very different ways. I took a textbook reversal setup in the Swissy and held.... and held.... and then about 30 minutes later if finally caved to my target. This trade reaffirmed the need to truly stick to your management.

The Swiss was moving step for step with the 6E and 6B this morning and those markets put in double bottoms and reversal patterns. Meanwhile my position was taking heat and I was convinced it was all over. Then the 6B/6E fell over on their face and I got the push I needed. The point is - I could've bailed a 100x's over, I was so sure I was finished up until the point where I won. YOU DON'T KNOW WHAT THE MARKET WILL DO - SO ALL YOU CAN DO IS TRADE YOUR RULES!!!

The other thing I wanted to mention quickly was an observation about my profitability over the past two weeks since I changed my trade plan adding the reversal setup, requiring LH/HL patterns on every setup, relaxing my management somewhat and sticking 110% to my rules. I think the graph below pretty much sums up the transformation don't you?

Trade Results:
1 Trade, 1 Winner
Gross P/L: $87.50/per


daytrader233 said...

Good job Matt!

Anonymous said...

Definitely one of the more interesting retail-trader blogs to read. :-)