Friday’s live trading – Another winning Friday….
Charlie takes two trades this morning. One lost and the second was a winner giving an overall profit this morning…
Hi this is Charlie giving you Friday’s live trading, the time is 7:45am
I’m all switched on, I haven’t done anything as yet.
I’m obviously going to be watching the Pound this morning. We’ve got Pound news out at 9:30am. It’s having a nice little run down on the five minute chart at the moment but I don’t have everything lined up so I can’t trade it on the short side because we’ve got momentum that’s still on the positive side.
I’ve got to do a school run today so I’m going to be leaving at 8:15am and I won’t be back until nine-ish.
It could be that I’m not doing anything until 9:30am anyway. Something might crop up in the next 20 minutes but if that’s not the case then it looks like we’ll be doing something a bit later. I’ll press pause for now.
I’m back and it looks like I don’t have to do the school run now.
I’m just watching the Pound. I’m going to give this a go. It’s got positive momentum in the background, it’s just come straight back inside its bands, I’ll do it to test the lower bands. It’s about a ten pip stop.
I’ll try it with smaller position sizes today and I’ll put four lots of 50 in if we pull down to test the lower bands here. I’m looking for this to potentially go up anyway, I don’t have a lot of signals but we do have positive momentum. Sometimes you think I’ll give this one a little tester, if it doesn’t work out there’ll still be more trades I’m sure.
I’m just watching this but my porridge is burning on the hob so I’ll come back to this in a second.
Just back. It looks like it didn’t dip down to those lower bands anyway but my porridge was bubbling away on the hob so I had to move quickly.
I’ll just keep on watching this, it’s possible that the Pound just does a U-turn here and carries on doing a U-turn and I can’t do much with it for now. I’ll press pause while we’re waiting.
I’m watching this level, it’s just coming up to 8am. This could be the place to buy with an ultra-tight stop. I could be out very very quickly but I’m going to put these units in and see if it can hold. It will be a very tight stop, which I quite like.
Let’s get these units in…
It’s just hit a 8am support level so I don’t really need to have those stops in any wider because it should just bounce from there. I’ll quickly press pause and get my stops in place.
I’ve got my stops in place, it’s a six pip stop. We just had an 8am pivot come in and it’s immediately hit it. If it’s immediately hitting it, it shouldn’t want to overrun it by much, if at all. It’s already overrunning it slightly so I’ve just given it a pip or two down the bottom. If that doesn’t work and it doesn’t come up then I’ll just be out quick and it will only be a small stop out.
I’ll press pause for now.
Okay, as quickly as I did that is as quickly as I got stopped out. It was always going to be a very quick one whether it started to bounce immediately from there or whether it retraced.
A quick loss there this morning, so now I’ll just play a waiting game until the news comes out a bit later.
Basically what had happened is we’ve had an 8am pivot come in in conjunction with some moving average support so if it was going to hold it didn’t need to come down as low as it has come down. It was one of those where it could’ve just hit it and immediately bounced but it’s just chopping around now.
I’ve been looking for the long side there, it’s just possible that we still find this thing rolls over but as I said we didn’t have the negative momentum this morning, hence why we’ve been looking on the long side. We’ve got an untested daily pivot up above so that’s what I was gunning for.
For now I’ll have to wait and see and we’ll come back to this in a bit.
Just back, as we can see Cables come down to 40 and it’s come all the way back up again, maybe my stop was a bit tight. So I’m watching this, if we hold up here then I may go back in again.
I’ll adjust my orders just in case this sets up. I’m just waiting for the end of this five minute candle.
I went in with three one lot units. This time I’ll go in with four half lot units so I’ll be trading at two thirds of the position size I was last time.
We’ll see how this candle goes, it we get a nice green candle and close solidly at these highs, I would be interested in that, but if we don’t I won’t be. I’ll press pause.
It’s looking like I’m going to be going in here so I’ll start entering these positions in. I’m going to put a stop down below this low but I’ve gone in with a smaller position size than I did with the first one and we’re going to see if this cable can break up.
Ultimately, I’m looking for 78 this morning so we’ll see if this can run up. I’ll get the stops in place and see where this is going to go.
Just back, this is interesting. I’ve put those four units in, we’ve pulled back and now are just sitting around. It is just about half past 8. Now if we break this high here, we should want to continue to go higher.
What I’m actually going to do is something a bit different. Something I’m more inclined to do on a swing trade. I’m going to add into the position on strength and then move all my stops up to this low. Let’s assume it happens in the next ten minutes or so and I’m not getting ready.
If we break here then I’ll look to add another unit or two to this then I can move all my stops up. My risk overall is being managed because my stops have moved up and if we break this high, we should want to continue moving higher.
That’s the plan here, like I said, we’ve got 1.538 as the target zone, if we get up to there then I’ll take profits off but I’ll still leave a small portion in to see if we can get up to the next level at 1.5390. I’ll press pause for now.
We’ve broken up, I was just upstairs and it came back down to the 50s and it’s broken up without me getting to add those extra positions. That’s the thing, sometimes you can get distracted doing little things.
I’ve got limit orders in, I’ve got one at 89 and one at 95. I’ve taken half as we hit that 80 zone. We got very close to my levels at 89 so we’ll see if we can push up there.
What I need to do is trail the stops up. I’ll press pause and get that sorted out.
Just back, that was a real pain there missing out on those positions.
All the time we’re on the outside of these bands here but we have hit that resistance zone that daily pivot so we’ve satisfied that. It’s just a case of whether it can push up some more. We have got some news coming out in 40 minutes, I think it’s manufacturing news in the UK. In theory, it would have been nice to get another quarter off. In theory I could just do that now and then see if it can still go up on the news but I’d like to see if we can hold here.
We have hit that resistance zone, the target zone has been hit so I’m deliberating here…
…let’s close out. I’ll take one of these off so at least I’m protecting the overall trade.
I’ll move the stop up to about 65 so it’s still below these bands if the price wants to come back down. There’s not going to be too much more to do. I’ve got the limit up at 95 and I think that’s probably fair.
I’ve come out of the extra one this morning because I know we’ve got news coming out and if we were to start sitting around and pulling back then I’ve only banked on half so if the news came out and it went the wrong way then you give too much back. That’s the reason as we’ve slowed the pace.
Hopefully it could go higher, we could breach 1.54 but I think that will be about enough just below 1.54 taking the profits and then that will be it for this morning’s trading.
Mind you, it is possible I might trade again, we’ve got all the momentum lined up. I was on the right side of the market this morning, it’s a shame about the first trade getting stopped out because I was on the right side of the market but I traded it with that tight stop and it didn’t want to play. It stopped me out and then came back up. That was a shame because I would have been up a lot more than I currently am.
The potential is, after the news, that I might actually get another trade. We’ll let this one play out but if it carries on exploding higher into the 1.54s then it’s possible we’ve still got another trade on. I’ll press pause for now.
That happened quick. It’s just hit that 95 level target.
I came out of those other two at 78, 77 as we hit the 80 zone. Then I came out of that one at 83 and now we’re out at 95. This is quite nice actually because I’m now flat going in to the news. We’re up £264 so whatever happens on the news I’m going to be trading smaller now to protect these games.
What I don’t want to do too early in the day is give it all back so if I do get the opportunity when the news comes out I might trade with a one lot. That’s two 50 thousand positions. We shall see about that.
If I can’t do anything with the news at that stage, then that will probably be a wrap for the day.
For now, one loss which we could argue didn’t need to come down, but obviously it did. It was shame it overran. It was a five minute 50 and a 8am pivot. It could have just gone from there so that was a slight waste there.
For now, we’ve recouped it and we’ve got a profit for the morning. Now it’s a case of seeing whether I get another trade off. I’ll press pause for now.
Just back, we’ve got literally a minute to go before the news. As we can see, the Pound has sold off so that was the right zone for me to be closing out as we were hitting that resistance. We hit that daily 50.
I’m a bit unsure now as we are reacting back down whether I’m going to be able to do much here with the news. It’s looking less likely that I’m going to be able to do much. It we can come up and break these highs then we might have a little bit more upside in it.
We’ve got 15 seconds, I’ll bring up a deal ticket just in case but I don’t think I’ll be trading this now, look how much we’ve pulled back.
We’re going down, a completely reversal here. I have to take a call…
…as it was coming down there was not much I could do with this. We’ve still got positive momentum in the background, we had lovely momentum as it’s all shot up and obviously this is messed it up a little bit but it’s now becoming what I call a mish-mash of momentum where the very short time frames are now negative but the hourly charts are still positive.
So it’s making a real mess of this so I think we’re going to call it a day on that basis.
We’ve banked £264 this morning, if I hadn’t had that initial stop out then it would have been £364 or it would have been £364 plus if I hadn’t been otherwise engaged as it broke out.
I’m continuing with my challenge so this is the challenge account I am now trading for income. So that’s what I’m doing at your request so I’m trading in a slightly different manner now. I’m trying to achieve less volatility. I’ve still allowed a reasonable amount of flexibility but I’m not trading it with up to 5% anymore. It’s only 2% max per risk. Even then I’m trading intraday, you can see I’m risking very low.
So that’s where we’re at, another winning Friday. Have a great long weekend, we’ll be back in touch next week.