Hello and welcome to today’s adventures in the Forex Jungle.
No news data to affect £/$ pair this morning, and on logging in to the platform and checking out the 15 minute chart, no inspiration. From around 17:00 yesterday to logging in at 06:45 this morning, my 15 min chart
indicators were flat lining.
A quick look at the 1 hour chart was indicating a continuation in the trend downwards. At which point I felt that going short would be my strategy for the day. I set an order to open on 1.6095 and put a stop loss in at 1.6130. I calculated a potential fall in the pair to around 1.6040, but set the profit take to 1.6055.
I was hoping that once the trade was triggered, it would move reasonably quickly toward my target. I sat watching it for around an hour and half or so before the trade got triggered prior to 08:30. It fell to within 5 pips of the target before turning around; it actually got back up to 2 pips away from my stop loss. I then set a time limit on it, and decided that come what may, I would get out of the trade at around 11:00/11:30.
There’s more to life than trading forex, I want to be a dad and have fun with my daughter. My weekends begin at lunch hour. I finally gave up the game when I got back to near where I had entered the trade, losing just 1 pip and the spread in the process.
Did I set my sights too high in looking for 40 pips, possibly? After all, this system is all about scalping, and 30 pips is a good scalp in anybody’s book. Had I targeted 30 pips, the trade would have been successful. Had I not made up my mind to quit when I did for the day, I could have eventually made the target and more, but at the time of writing (11:45), the price was still around my entry level. Sure, I could have left the trade to play out, but sometimes I get a little autistic. I like to have loose ends tied up, and leaving the trade open at the start of the weekend would have been a loose end.
I have a busy week ahead of me next week. There’s a lot of number crunching to be done so the Taxman knows how much to leave me with! Trading could be a little sparse next week then, but I would very much like to hit my 4 figure target by the end of it, and it will also be the last week of virtual testing for the system. The account balance after today sits on £856.00.
As of Monday 4th April, I will be going back to square 1 with a trading account of £100.00. This time though, I will be trading with coin of the realm, not imaginary figures on a piece of paper. The system works well in the virtual world. Now it needs a run out in the real world, where emotions come into the decision making process!
I am confident in the system though, and confident that it will make enough for me to forget about being a wage slave. Now, doesn’t that sound like a nice thing? Until next time, have a fun weekend, but keep our less fortunate brothers and sisters out there in your mind – Stay Happy.
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