Recap Trading 6/23/04

This morning and early afternoon it was absolutely a horrible trading day. My plan was to buy GBP. I missed 2 good trades, then I went into another trade, 1.8170, but I got out quickly but some damage was done regardless. I took another stab @ 1.8165 level, that one did not work. I have room to do one more trade before I would get limit down shutdown(its 90 pips). Cause I was down -32 pips from the previous night, I had only 60 pips to work with. I got limit down, my strategy was flawed, but I was to stubborn to realize, slow market, very little activity and the morning support trendline. All that let me to a limit down day.

The afternoon session started where Its rollover Wedsenday(if anyone wants to know what that is I can explain later). I went in short GBP/JPY @ 197.07 and one lot of GBP @ 1.8161 and then 1.8170. GBP/JPY is just an animal, I went in too quickly and it spiked all the way to 197.38. You don't know how nervous I was, GBP/JPY has a 10 pip spread which very large. You put in an order your down already -10 pips. Before I blinked I was down -40 pips, I held to my conviction and it went down, I ended up making +25 pips, I missed at least another 20-40 pips, but I was happy taking 25. The GBP finally collapsed, after 8pm, I was able to get in and out all the way down to 1.8110. I was sooooo happy. From being down 90 I was down only 2 pips at the end of my trading day. I will take that any day.