Hello and welcome to issue 2 of the new daily digests from The SAS 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.
Briefly going back to yesterday, I wish I had stayed on the platform. The p.m. session would have yielded a lovely profit. The system picked that up at around 12:45, and confirmed it at 13:45. That move would’ve picked up over 100 points.
So, on to today then. I missed out on an early morning move that would have been worth 20/30 pips, due to the fact I had difficulty in removing a mattress from my back! I must’ve needed the sleep though, and I felt better for it. Overnight, movement on the pair had been pretty flat; this was confirmed by the indicators. The pair was trading below today’s Daily Pivot, which I had at 1.6239.
The main chart I use is the 15 minute chart, and as that wasn’t giving anything away, I checked the daily, 4 hour and 1 hour charts. The 1 & 4 hour charts were pointing to a downward trend, while the daily chart looked like it was about to turn down too.
I had to go out on other business today, and as I have confidence in my system, I decided to set a short order to open @ 1.6170. The stop loss was set at 1.6205 and a profit limit was set @ 1.6120. I was hoping I would be home before too long so I could monitor the trade. Let’s face it though, any time a trade is placed, it’s done so with potential losses already written off. If that wasn’t the case, none of us would be doing it! Maybe that is just my opinion and stance though.
Alas, I was unable to get home until just prior to 17:00, and switching the PC on and calling up my chart, I seen that I was a meagre 4.1 pips away from hitting my profit limit, the price then inevitably moved back up, at one point touching the entry price. I let it ride for a while in the hope it would turn back again. I eventually gave up at 18:00, closing at 1.6154, and 16 pips in profit (13 net). No great shakes, but a small profit is still a profit.
I suppose I could have set my sights a little lower and looked for a limit of 40 pips, in which case I would have made my target. But I had set my strategy prior to making the trade and stayed with it. Had I been there to monitor the trade, I’m in no doubt that I would have eventually closed it as it approached 1.6135 on the way back up. I wasn’t and that’s the way the cookie crumbles in this business.
Hopefully, I will be on hand to monitor any trading tomorrow, but for now I’m still happy with the increase in the trading account, which now stands at £439.85. As ever, happy trading all and keep smiling.
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