Besides FX, I, sometimes, also trade Dow, gold and oil futures. I was holding a short Dow contract just now but I missed out at least 50 points gain because I was thinking small. Small is just not good enough. Follow your intuition is not professional too.
Occasionally, I found myself booking my profits way too early. Why don’t I just let my technical charts do the job and show me the exit? I need to calm my excitement and let my winner run its course.
Back to FX, after waiting patiently for a few hours, finally I put some trades in at around 2pm. One good thing I found about trading the smaller time frame (such as 3, 5 and 15 min) is that you are able to evaluate the internal price movement for every hour. This can lead you to a different picture a few hours later. For example, the dollar was bullish in the morning session. As the day waned, it changed to neutral and there were signs of weakness at the start of afternoon session. I took the opportunity, this time, to buy EUR/USD and to sell USD/CHF at 1.3102 and 1.2421. End results are promising +28 and +26 pips.
And I could not believe my eyes that GBP/USD had turned out to be the biggest winner in this session.
That’s it, done for the day +115 pips (I report FX results in this blog only).
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