This are so choppy right now...I really dont like trading whenwe have choppy price action. I dont see any clear setups at the moment apart from the fact we have strong trends...but with very choppy price action.
My trading hasnt been great in terms of performance over the last 2 weeks so I've decreased the risk I use per trade to around 1% on average this week as I'm not really feeling it at the moment and it seems 2 steps forward 2 steps back on my account...I'm also more cautious as well and am in no rush to take any trades at the moment. Will do a lot of reviewing over the weekend (which is where this journal is helpful) and analysis to try and see where I'm going wrong or where I need to change to adapt to the current market.
EUR is still very strong against the other majors...my E/CAD from this morning is 65 pips up already.
I mentioned earlier in my journal that I wanted to start taking some trend trades based on the daily timeframe pretty much in the style of Jacko / DanUK. This is something I will actively work on over the weekend to establish a) a set of pairs to trade bearing in mind correlated risk and b) potential entry prices. When volatility is high then the trend trades really pull in the pips whilst I decrease the intraday trades and vice versa.
About to get stopped out on one of my AJ shorts 140 pips swing in the first couple hours this morning lol.
I am long E/CAD with initial soft target 1.0395, long EU, took a speculative short E/J with tight SL as we have converging PPZ and TL's but not looking good and I have one more AJ short with a much wider SL. I have a pending long on oil @ 73.30 based on 1HR chart (breakout) and thats it.
My trading hasnt been great in terms of performance over the last 2 weeks so I've decreased the risk I use per trade to around 1% on average this week as I'm not really feeling it at the moment and it seems 2 steps forward 2 steps back on my account...I'm also more cautious as well and am in no rush to take any trades at the moment. Will do a lot of reviewing over the weekend (which is where this journal is helpful) and analysis to try and see where I'm going wrong or where I need to change to adapt to the current market.
EUR is still very strong against the other majors...my E/CAD from this morning is 65 pips up already.
I mentioned earlier in my journal that I wanted to start taking some trend trades based on the daily timeframe pretty much in the style of Jacko / DanUK. This is something I will actively work on over the weekend to establish a) a set of pairs to trade bearing in mind correlated risk and b) potential entry prices. When volatility is high then the trend trades really pull in the pips whilst I decrease the intraday trades and vice versa.
About to get stopped out on one of my AJ shorts 140 pips swing in the first couple hours this morning lol.
I am long E/CAD with initial soft target 1.0395, long EU, took a speculative short E/J with tight SL as we have converging PPZ and TL's but not looking good and I have one more AJ short with a much wider SL. I have a pending long on oil @ 73.30 based on 1HR chart (breakout) and thats it.