The SAS Forex Trader: Monday Digest

Hello and welcome to the first of the new daily digests from The SAS Forex Trader. I am now going daily to keep the information in bite sized pieces, so you do not have to sit and read an entire week’s worth of my adventures in the Forex world in one lump.

We begin this week where I left off on Friday, with the trading account standing at £389.85. I am also now taking the plunge and trading @ £1.00 per pip, not .50p. I have to say, I was going to wait until the trading account had reached £500.00 before upgrading my trading stake. However, I have been given enough confidence to do so due to the success of my system so far. That and the fact my impatience is getting the better of me. I am now targeting £1000 in the trading account before the end of March. Here are today’s actions, and the thought process behind them.

Got to my desk just after 07:00, the indicators were a little mixed, but it was generally flat. I also checked to see if there was any news to come today that may affect the price on this pair, but the news front was also quiet. I calculated the Daily Pivot to be @ 1.6270, but that is usually a little hazy on Monday because of the short trading period on Sunday. My initial thoughts were that as the pair were trading below that figure, we may see a fall down to around the 1.6230 area. I set up an order to open @ 16250 not long after it had already hit that figure.

That order was cancelled around 08:20. By now, the indicators were pointing to a climb, so a long order to open was set @ 1.6295, with a stop @ 1.6260. Initial profit limit was set @ 1.6345, but I was prepared to leave the trade earlier, at around 1.6320. Caution was the watchword just now, it could well have turned out to be a very sideways day.

The trade was opened around 09:10, reaching my 1^st target of 1.6320 around 40 minutes later. I decided to wait a little while longer and reset the profit limit to 1.6335, and this was reached prior to 10:05. At this point, I had decided I was happy to leave it there and walk away with a 37 pip profit and a healthy start to the week.

So we close today’s trading with the account now sitting at £426.85. There will be more tomorrow, so remember to look back in. Have a good day at the platform all.