ForexSpirit

Last week my scalping ended on a strong run of form. Unfortunately it did not continue into the start of this week.

Things started off poorly with a sterling trade that came close to its take profit, but close is never good enough. I did not have a good handle on the reason for GBP/USD moving up this morning while EUR/USD remained rangebound.

When price broke back above 1.50 I knew that my trade had no real chance of coming back into the money so I closed it out for a moderate loss of 134 pips which is slightly higher than the goal of 100 pips that I’d like to see for such trades.

Thrown off the horse on my first trade of the week I looked for some high probability scalping points to get back on.

Oanda’s FXGame then decided to have more limit order problems and several prime opportunities came and went as their system stayed down. Having to endure this technical hiccup for the umpteenth time in the past two weeks threw me off my game as I became frustrated with not knowing which limit orders were going to take and when I might have to be keeping an eagle eye on the market to manually close out trades.

This frustration affected the remainder of my trades for the day, which can be easily seen especially in the two EUR/USD trades that I snapped close far too quickly.

I was thrown out of my trading zone and had no real feel for the market. It came home to roost in a trade that I’ll be marking with tomorrow’s trades (as I consider 17:00EST the end of the trading day); a EUR/JPY trade that I didn’t pick a great entry point for and which I closed out for a 48 pip loss. This trade might very well come back during the Asian session but I think it’s far better to get out of all trades and let my frustration abate instead of nursing a losing trade in the wrong frame of mind.

Tomorrow is another day.

The key is not to knock it out of the ball park every day. It is to keep hitting those singles and to make sure I handle the downside. If I can save me from myself and not let losing trades get way out of whack then those singles will do me just fine.

Trade 1
Short GBP/USD
Entry: 1.4899
Exit: 1.5033
Pips: -134

Trade 2
Short EUR/USD
Entry: 1.2694
Exit: 1.2691
Pips: +3

Trade 3
Long GBP/USD
Entry: 1.5002
Exit: 1.5012
Pips: +10

Trade 4
Long EUR/JPY
Entry: 123.091
Exit: 123.18
Pips: +8.9

Trade 5
Long EUR/USD
Entry: 1.2651
Exit: 1.2651
Pips: +0

Total daily pips: -112.1