Week No. 3

This week I added something new to my trading.  I have begun using 2 lots.  My dilemma is whether to enter both lots at the same price, or to spread the lots out to potentially have a better overall price.  I tried both, but I haven't decided which way to go.  I think spreading them is better overall from a risk perspective, because it puts the stop further away from the initial price, which allows more time to get back into profit to move the stop to break even.  However, both at the same price guarantees that the trade will include 2 lots, which is better if there is profit to be taken. 

Below are the charts for the week January 16, 2012 through January 20, 2012.

EUR/USD

 I took a gamble at a short with one lot on Wednesday (1/18) at 1.2850.  It was near the previous year low and the 50% retracement from this years high to low.  It was a total punt and I was stopped out for a small loss.

GBP/USD

I had two short trades this week, I was a seller at the Cam Y s11.54 with one lot and 1.5435 with the second.  The first lot was hit on Tuesday (1/17) and I watched as the position was in profit for most of the day.  The position was stopped out at 1.535 on Wednesday (1/18) for a small gain.  The second unit was hit later on Wednesday.  I didn't like the looks of the 90 pip upbar, so I moved the stop to break even, which was hit a few hours later.  If I had both units at the same price I would have done better profit wise on this trade.

Also, I should have gone long off of the the Cam Y S1, but didn't think of it.

USD/JPY

I've almost stopped watching this one.  I have two orders set up to buy and sell at the next Cam Y pivot lines, if it ever gets there.

USD/CHF

It would have been nice to short off the Cam Y R1.  I may start trading this one again.

USD/CAD

I was long 2 units off the Cam Y S1, both at the same price.  I took a small profit at the Cam M S2 before the end of the week.  Had I staggered the entry price of the lots I don't think both would have been entered.

I have to think about whether I will go long at this pivot again.  I probably will, but further off the line.

AUD/USD

I started off the week with a trade that was still open from the previous week, I was short from the Cam Y R1.  I was stopped out for a profit early Monday morning.  I went short again off the Cam Y R1 with one uni, this time a little further off the line at 1.038; however, the position was never in profit and I was quickly stopped out for a loss.

After it bounced off the Cam Y R1 I should have been looking to go long.

NZD/USD

No trades this week, although I had an order to go short at the CAM Y R2.  This came close but never hit, maybe next week.

The NZD spent a lot of time around the Cam Y R1 last week.  There isn't anything that told me it would be a good idea to go long off this line, other than 2+ months of solid gains by the pair.

E/J

I ended last week with a quick long off the Cam Y S1 for a small profit.  The pair gapped below to line on Sunday and spent all of Monday hovering around it.  There was some divergence between price and stochastics that would indicate a move up.  Live and learn.

G/J

I had my order set all week to go long a little below the Cam Y S1.  In fact, the order was the same from last week that never entered the previous Friday due to the spread.

A/J

I went short off the Cam Y R1 with 2 lots, the first at 80.15, and the second at 80.35.  The first position was hit on Wednesday, and the line held.  However, I was stopped out at break even on Thursday, and the second position was hit.  I was able to move the stop to break even, which was it Friday morning.

Overall it was a good week.  I added 4% to the trading account and only made one stupid gamble on the euro trade.