Trade Journal 29 Jul 08 - Itchy Fingers

Stupid me .. itchy fingers, trigger happy. Never follow the setup rules for the strategy and never wait for reversal signs. Longed the EUR too early and ended with a 21 pip loss. Deserved to lose money on this trade. Thought the EUR would rebound after a sharp drop of more than 100 pips, but it dropped further after I made the entry and took me out at my stop loss.

Entry: Long at 1.5616 with SL at 1.5695

Result: -21 pips

Trade Summary for week ending 25 Jul 08

Well, not much entries made this week. Only had one trade order triggered. That's the shorting of USD/JPY @107.90. The JPY went to a low of 106.57 before rebounding strongly to end the week at 107.88.

Luckily my trailing stop loss, which was hit, ensured that I got out of this trade with a 65 pips profit. Not bad.

Trade Journal - 24 Jul 08

My order to short USD/JPY @ 107.90 was triggered. JPY looks to have formed a top and should be turning down. This trade is still open as of this posting.

Will wait to see if there's potential for JPY to fall to test 104.00 again.

Afternote (25 Jul): The JPY continued to strengthen during the Asian market, after failing to breach 108.00. Stop loss has been adjusted to lock in some profits. Targeting to exit this trade near 104.00.

Result: Stop loss was triggered. Trade was closed with a profit of 65pips.