Monday, April 6, 2009

Last 24 hours...

...Went long USD/CAD @ 1.2232 (playing heavy 1.22 support) only to close for +7points, looking for a better entry. Would never get the chance as price soon moved quickly upwards to the tune of nearly 300points.

Screenshot below showing what I was going for...



Scaled into EUR/USD longs this morning on two difference occasions, keeping stops tight (moving to +1 after +15) and was stopped out on both tries for the +1. Price did move upwards towards the end of the session but I was unwilling to accept prolonged risk. No worries.

And last but not least, the forgotten limit order!! Ugh! Left a 1/4 sized limit long on the EUR/USD with a 40p stop, absolutely forgot to cancel it after the NYC session. Come Japan's session, the EUR fell sharply, hitting my order and stopping it out subsequently. .5% of the account gone thanks to a stupid mistake. It won't be the last time, I'm sure...stops were in place and it was a small position, but...I now have a daily reminder set on my blackberry to check for any remaining limits.

Ending back at -10% for the day.

Right now, the EUR/USD & GBP/USD are setting up for moves, I'm just not sure where...EUR/USD is my favorite right now as it seems to have the most defined S&R levels for longing/shorts. Screenshot below of what I'm watching. I'd really like to see US equities continue a rally tomorrow so that the EUR/USD can head on up to 1.375 which is the most ideal short.