ForexSpirit

Monday and Tuesday were very quiet days with no news releases for the market to get their teeth into.  Today there were German CPI and US deficit numbers.  The CPI was a bit weak and the deficit amount wasn’t as bad as expected (but was still pretty bad).

Forex Forum and Calendar from Forex Factory

The dollar gained some strength but bounced back from 1.2060.

EUR-USD chart

With the rapid dip down to 1.2060, prices seemed to stall and not go any further 30 minutes after the deficit announcement.  Since price was now in Q1, I entered a three lot position.

That takes me to a total of eight lots in the market at the moment, which is pretty much my allowed max.

One thing I’m finding difficult to do is to exit my most recent trades for 30-40 pips profit.  Having bought multiple times on the way down, and with a strong expectation for Euro to rebound it seems to make sense to just let prices rise until multiple entries get back into profit.

I need to become more used to taking 30 pips off the table regularly.  As demonstrated over the last day or two, price will more then likely retrace allowing for another entry, especially in a range trading market like we have just had this week.

The strong expectation of a big Euro move seems to be generating a mental block that prevents me from taking these small profitable trades.  I need to recognize that this is happening, so that I can prevent it from interfering will my desired plan of action.  I need these 30 pip trades to offset the potential losses from the Q3 and Q2 entries that may not ever become profitable.