My longs from 1.2236 and 1.2247 were profit-stopped out at +30 and +19 pips respectively. These were not optimal levels for a stop and they should have been stopped at breakeven since 30 and 19 pips is a waste of time for the most part. Ok, I can beat myself up or I can move on. I'll move on. I established a new long at 1.2270 after the pair seemingly bounced from 1.2255 with a hammer on the 15-minute chart.
© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.