ForexSpirit

November saw a return to positive gains for the month overall.

Out of 11 trades taken during the month, 10 were profitable, with only one loser. While the one loser resulted in a loss of equity, I took that loss at a time when the euro was making its big break out move. I took the loss after re-evaluating the market conditions, and in that sense it was a winner in that I followed my trading plan.

Account growth for the month was 3.25%.

The low growth percentage is mainly due to two factors:

1. Most trades were taken in the top half of the grid. This means entries were of a lower gearing which results in less gains (but also lessens the possibility of major losses)
2. No large 100-150 pip trades were booked. I already talked about my seeming aversion to these types of trades in recent months, and it is something that I am looking to rectify.

Now let’s take a look at my trades from earlier this week.

We had a large gap opening at the beginning of the week, after the huge moves that were recorded at the end of last week, as the euro broke out of its long term range. Gap openings rarely happen in forex and since there was a strong possibility of some profit taking on the Monday London session I entered a short trade at 1.3143. I targeted 1.31 as my profit limit for that trade, as if price was going to go down it should aim to close that gap and 1.31 was at the bottom of the gap. Price did just that and I had my first profitable trade of the week.

After that we had a grid re-adjustment. The new grid for the next few days was 1.28 to 1.32. With price in the 1.31s any further entries were going to be Q4 ones.

I had two further trades for the rest of the month. I looked for 30 pip profits on these trades, as my trading plan dictates for the majority of my Q4 entries. Both trades hit their targets.

I was also looking to enter a ‘toe in the water’ trade somewhere along the line, but price never really dipped enough for me to feel comfortable in getting that toe in.

In my pursuit to cut my trading costs, I have cancelled my Trade Navigator datafeed subscription, and will be using FX Solution’s Accucharts for the foreseeable future. It is not as feature rich as the charting package that is part of Trade Navigator but it serves my needs for the moment.