Monday, January 30, 2012

$EURUSD closed +436 pips

Not a trading day for me today, although one eventful news was that I was stopped out of my EURUSD trade this morning.  This was one of those perhaps a handful of trades a year where everything goes almost according to plan.
$EURUSD 15 min chart 1/29/2012
On the surface, buying earlier this month only 30 pips from the major low since last summer for the EURUSD and booking +436 pips ain't bad, and was partially luck.  But when I realize that I was less than 20 pips away from my original target of 1.3250 of nearly +600 pips, I do admit there's some sense of coulda, shoulda, woulda. 

And then my rookie stop placement just above critical support as well as just below the psychological whole number of 1.3100, was either too far away of a trailing stop from where it fell from, and/or too close to the support area below.  In other words, my stop placement was in dead man's land and was easily picked off.  Lesson learned.

But in the end, it was a good risk/reward trade -- I risked 35 pips and gained 436.  Heck, I'll gladly take one of those every month.

* * * * *
Looks like I'll continue to be out of trading commission for another couple days, in addition to this Friday due to travel.  So I'll look at working on my mental game when I do have some time during the day.  I believe that there are some subconscious elements at play which is challenging me from getting to the next level.  I am certain that with a little more attention in this area, it will significantly help my trading performance down the road.

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