ForexSpirit

Today has turned out to be a really good test of the latest update I have made to my trading strategy.

I had two losses today and was able to recover from both of them to still end the day in positive territory. Even a single pip gain for the day still means that my trading ledger is moving in the right direction!

I had a buy limit order placed at 1.2779 this morning. I missed the anticipated bounce around that level by a few pips soon afterwards. When price did hit my resting order there was a small persistant sell off afterwards. My view was that there was going to be continued selling into the housing data being released at 9:00am EST so I cut my loss early.

My second loss of the day occurred in late morning trading. Price hit my 50 pip stop loss. With the equity markets having a positive day and all the dour housing data out of the way my view switched again to being long euro. I could see a retest of the London session’s high at 1.2830 so I held onto a trade for more than my usual 10 pips. I nabbed 40 pips on this trade and was thus able to significantly reduce my drawdown straight away.

23 February trades:

23 February pips: 18

24 February trades:

24 February pips: 1