Day Trading the Forex for Profits...

USD/CAD short, took half position at 1.0275 - 0.55% profit. Letting 1/4 position run to 1.0262, the rest to 1.0240

 

Short EUR/AUD at 1.3822

risking 1%, S/L at 1.3845, 1st target 1.3798


out of USD/CAD

current profit for night = 0.37%

 

in again on USD/CAD - 1.0283 - risking 1/4%, target 3/4%

 

in an additional 0.5% risk on EUR/AUD... total risk 1.5%. stops at 1.3845, initial targets at 1.3801

 

moved stop up to 1.3840 on eur/aud

 

taking 40% at first target on eur/aud

usd/cad stop at 1.0293, target 1.0252

 

USD/CAD out at 2 pip loss.... basically break even

EUR/AUD out of 40% position - profit on night so far:

approx: 0.95%

 

stop moved to B/E, 2nd target 1.3785,

3rd target 3765

4th target 3735

 

took another fifth of the position at 1.3785. up about 0.90% on this trade so far, and about 1.25% for the evening.

moved stop up another 5 pips... guaranteed about 1.30% for this evening.

 

moved 4th target to 1.3665, over 150 pips from entry. It will only be about 13.5% of my initial position, but will make about 1.75%, or 1.15% of my original R.

Again...it's all about finding high probability trades, and turning them into a risk free situation. Let the winners run, cut the losers off.

I know...you have all heard it a million times, but it really is that simple.

I have another night where I can NOT lose, guaranteed about 1.3% profit, and if all targets are hit, can make about 3.5% for the night.

Happy trading all.

Greg