Tradex Forex Journal

Descending channel on the EUR/AUD (5 min chart).

I don't like this, as this formation usually breaks to the upside.

 

Out at 1.5565, +3 pips, trade is going nowhere.

 

Cutting losses short is important, but dumping going-nowhere trades (for a small profit or at break-even) is equally important.

 

Short NZD/CAD at 0.8922, 16 pip stop.

 

Out at 0.8897, +25 pips.

 

Short GBP/USD at 1.3950, 20 pip stop.
Messy pair today.

 

Come on, break that stupid 38 pip range.

Pips, pips, pips, I want those damn pips.

 

EUR/USD is going down too, not that I care but it still is a good sign, as far as this short GBP/USD position is concerned.

 

What do you use?

 

I use pure price action.