Strong Start

dubaitrader — Mon, 02 Nov 2009 17:14:53 +0000

Well the purple patch is continuing with another fantastic day within the markets. However whilst the end result was very pleasing, getting there was certainly a mission within itself! I was down 30 pips by lunchtime (GMT+4) and I wasn’t feeling too good about things. However, putting emotions aside is absolutely paramount when trading. I quickly gained back the loss and I was then waiting for the US news release. I ended with up with a signal entry on TUFXP to go long at 133.12, I missed my entry by 3 but I decided I’d remove my limit of 25 pips and let the trade run incase the news went my way. Went my way it certainly did! I closed out for +75 pips and a very pleasing result. The NY breakout method also collected +100 pips. 50 on EJ long and 50 on EU long. GU was only valid for a short but that went out the window with the news. So another strong day pips wise and % wise.

I’ll be up early tomorrow for the Australian RBA release and some analysts are predicting 50 base points rise whilst others are going with 25 base points. I’ll be fully hedging this one so I’ll be looking for at least 25 pips of movement in one direction without any violent spikes!

Whilst I consider myself fairly well disciplined, everyday provides a new challenge and I’m happy I didn’t go chasing the market. 30 pips was absolutely nothing and I knew there would be plenty of opportunities ahead to gain them back and thankfully things panned out well. Keep a strong mind and the results will follow..

A big thanks to my trading room today for some high quality entertainment and banter..

Dubai Or To Sell? » breakout

Strong Start