Welcome to today’s entry in my trading and investing blog. This is where I share my thoughts on the Forex market (primarily) and talk through any trades that I make. This is the first trade I made in the new year — it’s a short trade in Aussie-Franc. Read on to see how it played out.
This was my favorite pair after looking through the charts this morning. There’s a bit of a bear-rally on the 15 minute chart. Maybe this is a trade just to trade, but I wanted to get my feet wet.
AUD/CHF Short
Expected Entry – .5715 Stop Level – .5732 Target – .5681 R:R – 2
Price didn’t trigger quickly, but I kept my eye on the chart, and still liked this to the short side. Side thought: I feel like I say that a lot — and I end up holding my positions because I “still like the pattern”, it triggers late, barely pushes in my favor and then goes against me. I think I need to be a bit better about not sticking with trades that don’t trigger pretty quickly. I can always re-enter trade orders. On the other hand, though, I don’t have any actual data on this, just feels. Who knows, maybe doing this has worked out more often than not? I’ll have to do some more research.
Entry – .5715
Anyway, I liked this despite it not triggering, so I left it alone. Around 3 in the afternoon, though, I received the notification on my phone that I had been triggered in to the trade. Things looked decent immediately, so I just set my 1R alert and kind of left it alone — it was late in the day after all.
By the time I was winding down and getting ready for bed, price had made a small rally and I was down a bit, but it looked okay, so I continued to let it ride. I considered changing my stop to a trailing one, but I never actually made the move.
Exit – .5732
I went to bed, half expecting to check sometime in the middle of the night, but I never woke up to do that. When I got up this morning, though, I looked at my phone and saw that my stop loss had been triggered between 12 and 1 am.
What’s worse is that today, around 10am, I got the notification that 1R had been hit in this trade. Once again, I was ultimately right about the direction and not really wrong about the timing. But price moved enough to stop me out before it gave me any profits…
First trade, first loss. Just have to continue to learn and grow and try to figure out and eliminate mistakes. I’m definitely going to check how often I hold orders for multiple hours before they trigger and how those trades played out. I think it’s been a real detriment, and if it indeed has, it’s something I’m going to work to eliminate from my trading.
That will be yet another thing keeping me out of trades, and thus keeping my trade count lower than what I’d like, but if it results in more wins and higher profits, I can’t complain.
Thanks for reading! Let me know in the comments what you thought about today’s trade. Or, let me know if you made any trades and capitalized on some price movement. And, as always, stay tuned for more trades and analysis.