Journal

Am i reading the Forex chart properly ?

This week has not been very good with me. I’m still honing my skills. No doubt with my forex trading strategies as many traders earning money in this 15 minutes MT4 chart price action trading. I just need to make sure i’m executing my trades properly.

Today i did take right decision however once again i chickened out. Mainly due to a lot of news during NY session trading. We had ADP Non-Farm Employment Change at the top of the hour. I took eurusd long and ended up with +5 right before the next news which was CAD trade balance. I took cadjpy short but after 45 minutes i had to take full stop out.

Right before the NY session, i also took UsdCad pull back. perfect setups. This trade went up 80+ pips unfortunately i wanted to save the cost so i had a stop loss at +10. Just seconds before the USD ISM Non-Manufacturing PMI, it took me out from the trade. Had i held on to it and not wary of the news spike, i could have made some good pips. Forex signals for CAD pairs were profitable today.

So, Am i reading the Forex chart properly ? Perhaps not at this time certainly not this week. I sincerely hope someday i’ll be an expert in this. Ending the session with -17 pips today.

sigh ! life of a currency trader. Up and down. I hope i’m pretty close to success. I will keep trying till i get to the bottom of Forex Trading 🙂

Cheers,

4th May , 2016

 

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