No trade Monday
Welcome to 2008 and the first full week of trading forex!! I was so excited to get back to the charts after the holidays. Lately I have been concentrating on EURUSD and GBPJPY currency pairs, so those were the pairs that I dialed up on my charts this morning. I slept in a bit more than usual:  I turned my computer on this morning at 6 am New York time. I noticed that EURUSD was already on the move northbound, but it took some time to print out my trade cheat sheet and fill it in with the current levels to look for and make my plan of attack. By the time I was ready to pull the trigger, the pair was marching up toward the last high at 1.4732. I entered a long trade, and quickly my trade was up +5 pips.  But then the pair started to stall and bounce at this level. After 2 15minute candles closed with no new high at this level, I closed the trade at break even. Zero pips gained, zero pips lost. Now New York open was about to start, I usually do not like to trade much after New York open, the moves are often whipsaws and hard to trade. So I did not place any other trades today. No gain. It was hard to not keep watching and jumping into another trade, hoping for another set up. I noticed, too, that there was no significant economic data coming out today, no real reason for the forex to be moving much.  So I was actually happy to write on my cheat sheet for the day: “No good set up, await Tuesday for more pips. I protected my account!!” Rule #1……….Protect trade capital at all costs.Â