Today we had two huge forex trades to start our session (and to finish it) with our main SST forex daytrade charts. Both required being alert and ready to go at the very start of out session, 8:30 est.
At 8:30, we got in synch with a EURJPY trade that had triggered in a few minutes earlier. It was still hanging out around our entry price right at our start time and we were able to jump on it. We hit our full target for an easy 15 pips after spread but the real story is what happened with our trailing position. By the time we exited the trade, we picked up an additional 83 pips, gaining a total of 98 pips for the trade. That was all she wrote as we were also riding a huge winner in the EURUSD.
See EURJPY trade for +98 pips
The EURUSD gave us a short setup right at our start time as well. We got short at 1.4349 and were soon exiting our first position at 4327 for a 20 pip trade. Again though, it was the trailer that hit the ball out of the park and into the middle of the next town. We rode that all the way down finally getting out at 4206, for a 142 pip ride. Some traders exited part of there position earlier aroun 4252 while others hung in there for the full 9 innings. All in all, another great day trading forex in the the LIVE Traderoom with the SST.
See EURUSD trade for + 162 pips
All in all, it’s been a crazy week again in the markets. Some excellent trades and some tough conditions. In three days we’ve seen it all. The SST has held its own remarkably well although the price action has been very difficult in spots.
I mentioned how the Russell eMini had one of its hugest weeks last week (see below post for details). It started this week on the same track as it ended last week. Monday, we gained a huge +12.2 points and then as if that weren’t enough, yesterday we hit a whopping 15.7 point trade, that is 157 ticks to finishe the session with another double digit gainer, + 16.3 points. Prior to today’s very difficult and maniacal session, we were already up +28.5 points and new all time profit levels, blowing the doors off of the big + 300 points for the year milestone.
Today, we would have been best off quitting after the first two trades, (1 win and 1 loss) for a nice + 4.6. But sticking to our tradeplan, we kept going, trying to get what proved to be an elusive 2nd winner. Traders quit with a variety of results today, depending on one’s ability and one’s belief and confidence in the tradeplan, which does vary a lot from trader to trader, obviously. In the end, it was a down day and by the time I quit calling live trades, we had a variety of wins, losses, stops and reversals — but ultimately quit with a – 7.9 point result.
It is an excellent case in point that there is nothing more critical than to do the foundational work we always talk about in our LIVE Traderoom and in our various trainings. Well practiced SST traders certainly fared better than less experienced or less practiced traders. Still though, we are hugely up for the week, more hugely up for the month, and well, you know how the year has been going if you’ve been following along. We just blasted past the big +300 point milestone. Seems like a blink ago when we were celebrating out +200 point profit level. +400 is coming into focus already!