Forex Trading 2010-08-03

Here is a snapshot of the trading results. After 30th July 2010, I only managed to make 2 trades. The trading strategy is slightly different from earlier trades. Now I focus on taking position instead of scalping trades. First 2 trades were unsuccessful because the price never come to the point that I wanted. So, I canceled the orders.



The first trade taken was shorting USDJPY. This trade was taken based on Fibonacci. Unfortunately, there was statement released by BOJ talking about intervention. This cause the pair to move in the opposite direction. To avoid risk, I decided to cut the losses short.

The second trade was based on pre-ISM news. Based on the market expectation and the major trend, I long EURUSD and held the position over 2 days. It went through very well but a few points shy of the target. After reviewing the chart pattern, I decided to take profit. It may not revisit the point in short term but in the next few days, I believe it will be there again. So, I am monitoring this pair. Over 2 days, this resulted in over 120 pips of profit.