Good morning guys and girls,
I'm now back at my office desk at my home address in Scotland. I still need to catch up on a few things and set my recording equipment up which I'll be doing later today, but once I've done so I'll be able to start making videos for you again from tomorrow onwards.
For now here's a quick update on my GBP/USD trade. I was tagged out a few seconds after 8:00 AM this morning for +1.88%. Since price had previously twice come very close to my stop loss before pushing back up in my forecasted direction I moved my stop back down by a couple of pips whilst I was sat waiting for my train at London King's Cross station to give my trade just a tiny bit more room to breathe so that my stop loss made sense relative to where this new swing low had formed. I don't normally give back profit if I've already locked it in, but I will if it makes sense to do so and I'm only giving back a tiny amount such as +0.07% as I was in this instance. Price then subsequently pushed up leaving me running at around +4.00% profit at one point and a question I always ask myself when I have a lot of profit exposed to the market is, "Would I be comfortable having this much profit exposed to the market if I was trading a one million pound account?", which if I was trading a one million pound account would have meant that this trade would have been in profit by £40,000 with the possibility of price taking me out for £12,900. So after asking myself this I decided to lock in below the big wick that had formed on the one hour chart which was also a notable inflection point on the four hour chart. I could have locked in on the break of the subsequent tight flag that had formed on the one hour chart, but an amendment I made to my trading plan a while back was to not lock in on the break of tight flags if price has broken them correctively, because the testing I've done and my experience have taught me when this happens price will usually turn such tight flags into larger versions of themselves before price finally commits in my forecasted direction and given that the profit potential of this trade was just over +30% not locking in too tightly made sense. i.e. I was happy to be a bit more aggressive and lock in some of the +4%, but not too aggressive and by not being too aggressive give this trade a little more room to breathe.
So I'm very happy with this trade which puts me in profit for the month and therefore obviously the quarter, a trade which I'll be documenting later today as one of my five daily goals and I look forward to bringing you videos once again from tomorrow onwards.
Have a great day and I'll speak to you tomorrow!
I'm now back at my office desk at my home address in Scotland. I still need to catch up on a few things and set my recording equipment up which I'll be doing later today, but once I've done so I'll be able to start making videos for you again from tomorrow onwards.
For now here's a quick update on my GBP/USD trade. I was tagged out a few seconds after 8:00 AM this morning for +1.88%. Since price had previously twice come very close to my stop loss before pushing back up in my forecasted direction I moved my stop back down by a couple of pips whilst I was sat waiting for my train at London King's Cross station to give my trade just a tiny bit more room to breathe so that my stop loss made sense relative to where this new swing low had formed. I don't normally give back profit if I've already locked it in, but I will if it makes sense to do so and I'm only giving back a tiny amount such as +0.07% as I was in this instance. Price then subsequently pushed up leaving me running at around +4.00% profit at one point and a question I always ask myself when I have a lot of profit exposed to the market is, "Would I be comfortable having this much profit exposed to the market if I was trading a one million pound account?", which if I was trading a one million pound account would have meant that this trade would have been in profit by £40,000 with the possibility of price taking me out for £12,900. So after asking myself this I decided to lock in below the big wick that had formed on the one hour chart which was also a notable inflection point on the four hour chart. I could have locked in on the break of the subsequent tight flag that had formed on the one hour chart, but an amendment I made to my trading plan a while back was to not lock in on the break of tight flags if price has broken them correctively, because the testing I've done and my experience have taught me when this happens price will usually turn such tight flags into larger versions of themselves before price finally commits in my forecasted direction and given that the profit potential of this trade was just over +30% not locking in too tightly made sense. i.e. I was happy to be a bit more aggressive and lock in some of the +4%, but not too aggressive and by not being too aggressive give this trade a little more room to breathe.
So I'm very happy with this trade which puts me in profit for the month and therefore obviously the quarter, a trade which I'll be documenting later today as one of my five daily goals and I look forward to bringing you videos once again from tomorrow onwards.
Have a great day and I'll speak to you tomorrow!