Tradex Forex Journal

Long GBP/AUD at 1.8248, 38 pip stop.

 

Good boy, keep moving, show me the money.

 

Moving stop to break-even.

 

Break-even stop was hit, waiting for possible re-entry.

 

Long GBP/AUD at 1.8241, 35 pip stop.
This is a re-entry.

 

Easy, easy.

 

Out at 1.8227, 14 pip loss.
Oh well, we can only control our risk, not the market.

 

May I ask why you didn’t let the trade work and let the 35 Pip Stop Loss stand because you must of had a good reason to take the trade a second time.

Also do you hold your trades over the weekend or are you out and flat by the close of market Friday?

 

Good question.

Let's just say that the price action that followed (a sudden U Turn reversal) was not a good sign.
Winning trades rarely reverse on you that fast, that's why I decided to move the stop to break-even, as a precautionary measure.
The re-entry trade was taken because the market will usually give you a second chance to join the trend, even though in that GBP/AUD trade it did not make any difference.

Holding Forex trades over the weekend is extremely risky, even if your trade is already profitable, especially on currencies like NZD, JPY or AUD.

GBP/NZD for instance could gap 400 pips against your position and destroy months of steady profits.

Never, ever give the market a chance to empty your trading account in a few seconds.

 

Possible Bull Flag on the NZD/USD on the 1-min chart.
Long at 0.6622, 11 pip stop.

I don't trade (subjective) chart patterns but let's see...