This last week was once again quiet for me trading-wise. It seems like all the currency pairs I follow are still mostly consolidating, and until I see convincing movements back in the direction of major trends, I will be staying on the sidelines.
I’m itching to start creating profitable pyramids like I did back in January, but I know that patience is my greatest ally. Trading just for the sake of trading is dangerous and increases the likelihood of losing money. If homeboy Aesop has taught me anything, it’s that slow and steady wins the race.
|ENTRY DATE||2/16/16 – 4:44 AM|
|EXIT DATE||2/18/16 – 5:20 AM|
As was the case during the previous week, the Geppy seemed at one point as though it was about to resume its downward trend again, so I opened a position. However, this proved to be just another short movement within a consolidation phase; just as the price had moved profitably to roughly the amount I had risked, it started retracing upward with just as much momentum.
As you know by now, I always move my stop loss to break-even once I reach one time my risk in profit; in this case, however, as soon as the price started retracing I knew that the pair was still merely consolidating, otherwise it would have moved much further down in the case of a legitimate trend resumption, so I decided to just exit manually out of the trade with a small profit of $21 instead of waiting for my stop loss to get hit and walking away with nothing.
That’s it for this log. Hopefully the markets start moving again this week; I’m dying to see some interesting action!
I’m also still contemplating whether I should switch over to monthly Forex logs or continue doing them weekly like this. I think that swing trading probably lends itself better to monthly logs, given the lack of activity that often goes on on a weekly basis. If I do make the switch, I will likely start once March comes around. We shall see.