Gold
The last two days (as the last three weeks), have been dominated by applications, cover letters and psychometric tests.
Therefore I only managed to spot two trading opportunities.
The first one arose when looking at a 15 minute gold chart.
It had been up trending so I drew a trend line that it had hit 4 times. I felt this was sufficient evidence for a legitimate support line.
Here I spotted the opportunity to get into the market when the price hit my trend line, planning to place a stop/loss 10-15 ticks below this line, and have it trailing in line with the trend.
However... I did not stick to my plan, and got a rush of blood when gold started to uptick after being close to the trend line.
I worked out that the furthest away from the line it had been was 40 ticks, thus looked for a 20-30 tick price target.
I got into the market 10 ticks away from the trend line at 1246.0, and watched the move dwindle out.
This was a pretty poor trade as I didn't stick to my original plan, and the lack of volatility showed me it was a poor trade on my P/L. However I spotted my mistake, and stopped out at a 10 tick loss. Not too large.
EUR/USD
Today was another short term trade, but this time trading the EUR/USD.
Here is a chart of the Fibonacci retracement after a big move. There is pretty strong levels, thus I decided to trade at these levels as long as the price hit them.
At around 1.2750 there was the 50% retracement line, which it had showed signs of being a good resistance line.
Thus I put a limit order into the market at this level and waiting to see if it hit it. It bounced off it and ticked up 5 ticks straight away, thus showing it was a good line of resistance.
The price moved in my favour about 25 ticks, and from here I put my stop/loss 10 ticks above my entry price, locking in profit. I decided to let the move run (as you should let your winners run) however the move lost some steam and sat around the same level for about 30 minutes.
Instead of watching it I decided to take the position off and start on my Morgan Stanley cover letter.
The move locked in 18 ticks of profit.
Here are the levels at which I bought, and also the stop/loss.
Overall, A pretty boring two days in terms of trading, but did manage to get involved and make a small amount of profit.
Account is up 1.8%.
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