EUR/CAD, risking 0.75%, stop is at 1.3129 first target at 1.3085, 2nd target at 1.3060 will take 3/4 of the position off at 1.3085, let the last quarter run to 1.3060 Will probably be my only trade tonight.
And...tonight is exactly why I don't risk much on friday. EUR/CAD stopped for 0.75% loss I will start reviewing previous fridays, and start recording my profitability from one friday to the next for the next several months. I suspect friday is only a marginally profitable day for me, and probably many other forex day traders. I may eliminate it from my trading schedule altogether in the future...but I will conduct my analysis first to determine if this is the correct course of action. Finished this week up over 5%. Slightly disappointed, my last 5 weeks have been all over 6%, but, all in all, not a bad week.
risking 0.75%, at a 16 pip stop. 1.3771 first target, taking 3/4 position 1.3761 2nd target, taking 1/4 position.
Hi Greg, glad to see you still do well with your trading. Maybe we can discuss a bit your trades and learn from each other. For this trade I was wondering how did you set your target ? I could have taken this counter-trend short, but for a 10 /15 pts scalp max. Looking at the 5min chart I can see a clear support around 1.3780.
SL on EUR/AUD now moved to Break Even. Now have a no risk trade...and will let the market do the rest. Worst case, finish the week up about 5%. best case, may make approx another 0.55%
First target hit, made almost 0.25%... closed out half of revised position. Next target, 1.3755, taking half of what I have left, and final target 1.3740. Stop is at B/E plus spread. If both targets are hit, tonight will end up being nearly a break even night.
Changed my mind on final targets...because I really like the price action on the down move on EUR/AUD trade. moved 2nd target to 3745, and final target down to 3702 Stop is at break even plus 2 pips. It's easy to be bold on the final day of a successful trading week, when you have a Zero risk trade. Since being bold is often more difficult... be bold when it is easy What have I got to lose...right?