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Friday’s live trading – Small gain but remember sometimes the best trade is?

Charlie traded on Wednesday due to him being away today. Not a lot of action for him but he dispels some sound advise for traders to remember anyway….

Hi this is Charlie giving you Friday’s live trading. I’m actually recording this on Wednesday because I’m away on Friday.

It is 11:30am and I’ve actually deleted the previous recording as I was 11 minutes in and I’d hardly done anything so I thought I’d save you guys the pain of watching.

What I effectively did earlier on is try a Euro trade, shorted at 1.11, took a little bit off at 1.12, so about five pips, trailed the stop and got stopped out. So I’m net £11 for the day so far.

After it stopped me out it went a little bit lower but it wouldn’t have made any difference because I would have tried for a runner if I had have taken that.

Cable had some news out this morning, it had a nice run down but I didn’t have my momentum behind it to hop on board, so I’m still sitting here not having done much.

It could be that I don’t get to do much. There’s plenty of news out this afternoon so we’ll see what happens at lunchtime and I may just wait until then.

The Euro is all over the place, it had a 70 pip rally to then give it back up. So when the market thinks that there might be a deal with Greece then it rolls up, then all of a sudden it rolls back over again. Any upward moves are getting sold into so that’s pushing the prices back down again.

So we’ll see if it’s worth me bothering with a trade now. The Euro’s got a little bit of negative momentum coming in, so in theory I could hit it against my upper band but I might just wait.

One thing to mention that a lot of people forget, being in cash is a position. You don’t always have to be in trades and if the markets are skewed and they’re not doing what you want, as frustrating as it can be, there’s nothing wrong with saying, I’m just going to stay in cash and just watch it because the price action isn’t familiar enough to understand where it may want to go. So being in cash is a position.

There’s a lot of people out there getting mauled in this market because we get big move in one direction, then they go in the other direction. So lots of people are getting caught and if you are sitting in case then remember you might be doing quite well in comparison to other people.

I’ll press pause for now.


Okay, just back. There’s still nothing going on. The Euro hasn’t done too much here, just playing a waiting game.

We’ve got the AP news coming out in just under a minute, so I’m going to keep an eye on this and if the Euro starts to push down I’m going to see if I can jump on board and see if we can have that run down that I was talking about earlier on.

Just as easily it could have a little push up, if it does I’ll be doing nothing here. It could be that this video update is going to be a no show because I have only made £11 as you saw earlier. I’ll pause for now and we’ll see what happens after the news.


Okay, so the news is out, it’s literally just had a blip down. We’re coming into some support but I want to see if I can get a short on here. I’m going to have to give it a go and see.

Shorting here on EUR-USD, I have one unit in so far. I might get a second unit in, but I have one in that I got at 93.

What I’ll be looking to do is see if this can get down to the 1.1060 zone. Here’s a opportunity to get a second unit in…

So I have two units in so far but I think this is a higher risk in terms of overall movement. So a bit like my trade this morning I’m just going in with two units and leaving it at that.

I’m going to put my stop just above these highs at around 1.1109 or so. I’ll get that sorted out.

You can see what a drain it is on my PC at times when I’m logged into the trading room and I’m doing this…

I’ll press pause while I get these orders sorted out.


I’m going to take half off here at 82 for about ten pips. It’s probably going to extend massively now I’ve just done that, but we are sitting around this pivot that I’m seeing off screen, so I wanted to get one back. So I’ve just closed half for around 12 pips.

Now I’m in a risk free trade, which is what I wanted, because of this Euro and the way it’s moving around. So the entry was at 94.3 and I’ve exited at 82.67, so just about 12 pips.

So whatever happens this is a risk free trade once I have trailed the stops down to 1.1101.

Then we’ll start looking at the targets. I do have a target around 62 and that will do, I think. I’m not getting overly greedy in this market, just take some points off the table. If I can get down to 62 then that will be fine. It’s a mid pivot down there and it’s deeper into the previous range.

So it could be that we go a lot lower. Although I’m going to take that second target at 62, what I am going to do is cut that second order in half, so I’ll take half of that remainder at 62 and then just see if we can get down to 35 on the remainder.

What I will do is take half of this off. I went in with two units, so I’ll effectively take a quarter off if we get down to 62. That’s the plan.

I’m talking to the guys in the trading room and they can see what you can see. I’ll press pause for now.


Okay, and as we can see the Euro has come up and hit my stop here at 1.1101. it couldn’t just follow through. It was the right thing to take half off in this market. Reading the price action, it was pushing, if it carried on pushing then great but we’re having to protect the trades at the moment.

So a whopping £34 for the day.

I’m actually going to call it a day with that…

Actually, we’ll wait, we’ve got some news out at 3pm and we’ll see what goes on.


Okay, I’ve been talking with the guys in the trading room and as we can see, the Euro came up, stopped me out, and within two pips past my stop it’s done a slow rollover and now it’s back at 71. Sometimes that’s just the way it goes.

I’m going to call it a day on this, I know we’ve out news coming out but I’m going to do that with the guys in the trading room. I might hang on but I’m not holding any great expectations.


Okay, so there’s five seconds to go, let’s see what happens on the ISM figures and see if we get any movement. Not too much at the moment, a smidgen of a bounce.

I’m not going to be able to find another trade, it’s 3pm. Just remember a pause for thought on Friday that cash is not a bad position to be in. Remember that when you get frustrated because you can’t find a trade because the markets don’t look the way you want them to. It is a trading position and there are a lot of traders in positions losing money.

I’ll leave that with you, have a great weekend and I’ll be back in touch next week.

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