Forex trades, very profitable today and while our futures markets were profitable on paper too, the reality is that we got hit with some bad luck on both Crude and the Russell emini today. Crude ended positive, the first trade of the day and year being a full winner, but it happened so quickly that most traders were unable to get on board. We counted that towards our power of quitting dynamic goals setting strategy though and so when we took a tiny loss and then a partial profit on the next couple trades, we were done for the session.
The Russell too, was unusually challenging. The first short trade triggered in very quickly and here you would have been lucky to have missed it because it turned around and headed higher for a first trade loss. Then, a tiny long setup occurred and actually triggered in 1 minute after our ‘stop time’ for the news event at 10 am. So we were on the sidelines while that happened. We could have gotten in sync with the trade and jumped on board at 10:04, but our tradeplan has us waiting for a full 5 minutes, so we missed the explosive move to the upside. After such a strong breakout move and then the price beginning to vacillate around the 800 price level, I decided it was time to step aside and wait for a more favorable situation — another session.
Forex, on the other hand, was nothing but winners. The EURJPY, beginning at 8:30 est, gave us marginal gains today netting 12 pips. The EURUSD 5 minute, also beginning at 8:30 gave us 65 pips. The GBPUSD was the winner, hands down though. This one begins at 9:30 and it delivered us a whopping +164 pips. Keep in mind that the GBPUSD 233 tick has been one of our most profitable charts and one of the markets used to develop the SST in the first place.