The dollar has been consolidating just below its recent highs, and may soon get a move on again.
As there were no OneNightStand trades taken on Friday, there were no exits this morning.
There were, however the 5 FirstStrike entries in the early morning hours. As in the previous 2 weeks, all of the trades were stopped out except for the Gbp/Jpy pair, which still is hanging on, not sure whether it wants to go up or down. Not terribly inspiring!
The following are our 5 FirstStrike entries:
- Eur/Usd: long @ 1.5614, stopped out at 1.5554 for a 60 pip loss.
- Gbp/Jpy: short @ 203.24, stop 204.14. (90 pip risk) Trade in progress.
- Gbp/Usd: long @ 1.9612, stopped out at 1.9552 for a 60 pip loss.
- Usd/Chf: short @ 1.0432, stopped out at 1.0492 for a 60 pip loss.
- Usd/Jpy: short @ 103.78, stopped out at 104.38 for a 60 pip loss.
With the current choppy market environment, it is unlikely that we will have a profitable week. But, the orders were put in and the trades were taken. That is what makes the profits possible when they come.
Current equity is $701.18.
Joel Rensink
www.infiniteyield.com
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2 comments:
Hi, Joel:
I'm feeling the same with you. The choppy market really make me frustraded and always induce me to "revenge".
May I ask about how you cope with this situation? Still stick to your trending system or made a bit adjustment? Or is there any way that I can "feel" the market is goint to range or start to trending, Like today?
Thank you & Happy trading!
Mike
That is a good question, Mike.
The systems I am trading handle the situation pretty well. They win or lose depending on whether the market is trending or not.
Since the trades taken are entered at higher potential times, if we get stopped out, it usually is just as well.
Changing or tweaking the system when the markets act up is a "fool's errand". The system is in place to handle the market potentials.
If "tweaking" was the way to profits then a "tweaking" system should be traded.
Revenge-trading also tends to cost a trader more capital at a point where he needs to conserve it the most.
The human tendency to "get the money back" is strongest after a loss or seriest of quick losses.
That tendency must be curbed internally.
If it was easy....
JR
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