Wednesday, 24 February 2010

Had a great day

Had a fantastic day yesterday with my niece. She totally loved the animal farm, and all the new sights and sounds. It was so satisfying.

I thought that I wouldn't get any time to trade yesterday because of being out, but fortunately we went out early and got back around 3pm, so I managed to get a good 7-8 races traded....and I did ok.

I used my new strategy of just focusing in the longer priced horses i.e the ones outside the top 2 or 3. Again, the reasoning is there isn't as much money matched on those runners so the movement isn't as choppy, and also the charts are a lot clearer to read, so I can identify the S&R levels better. Once I have identified those levels, I use the grid to monitor the price action in relation to the other runners, then use the ladder to keep an eye on the immediate price movement and the little graph that is on the ladder screen on TT. It worked pretty well. I managed to trade the range between the S&R on a few horses, and on others I managed to trade the breakout of the range as well. And because the price action isn't as volatile, when I got in a trade that I felt was not going my way, or I had misjudged the direction or got in a touch too early, it was easier to exit my position.

Obviously the down side of using the longer priced runners is that the volatility isn't there, so the price doesn't move as quickly. The plus point is, it enables me to get used to my strategy, learn what I'm looking at, and build my confidence.

On Forex fronts things are okish. Had a trade on EJ from yesterday that hit all 3 targets, another trade on GBPUSD that triggered, but is now moving sideways. Missed a few other really nice moves yesterday afternoon on the JPY pairs, but that's because I wasn't in front of the screen to trade, so I can't have too many complaints really.

I'm hoping for another positive day today on both fronts.

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