Today's rundown of trades and market commentary was live blogged on Twitter. You can see the actual posts on my twitter feed at http://www.twitter.com/uupstart feel free to add me as I will be posting my trades and market commentary live throughout the trading day.
Trading the volatility breakouts today was a little bit hairy as there was no real discernible trend as price chopped and whipsawed quite a bit. If you didn't have your wits about you, you could certainly end up on the wrong side of the trade and get whipsawed quite a bit.
Here are today's trades. They look like a lot of trades, however I actually had only made 3 trades in total. 2 Longs and 1 Short, however part of my strategy is to take a portion of the trade out in profit on the way, essentially banking some profits immediately and letting the rest ride on to more profits or to break even + a couple of pips. Click on read more to see today's trades and charts and more details
| Open Date | Close Date | Symbol | Action | Open Price | Close Price | Pips |
| 11.16.2009 09:55 | 11.16.2009 10:17 | EURUSD | Buy | 1.49783 | 1.49791 | 0.8 |
| 11.16.2009 09:55 | 11.16.2009 10:13 | EURUSD | Buy | 1.49783 | 1.49858 | 7.5 |
| 11.16.2009 12:17 | 11.16.2009 12:26 | EURUSD | Sell | 1.49147 | 1.4908 | 6.7 |
| 11.16.2009 12:17 | 11.16.2009 12:23 | EURUSD | Sell | 1.49147 | 1.48874 | 27.3 |
| 11.16.2009 14:04 | 11.16.2009 14:09 | EURUSD | Buy | 1.49989 | 1.50096 | 10.7 |
| 11.16.2009 14:04 | 11.16.2009 14:10 | EURUSD | Buy | 1.49989 | 1.5006 |
7.1 |
Trade 1) Volatility breakout on the long side on this EURUSD Forex Pair, it was a bit of a tough call despite jumping into that trade early in the New York Session at 9:55AM EST. I was able only to really catch about 7.5 pips out ofa 10 pip move. The move was very quick and had a fairly good retracement right away. For all intensive purposes the trade was a good one, volatility on the 1M and 5M chart was at a low point and started to rapidly expand. So I took the trade in the direction that price was going once it broke the 1.4975 price barrier. It stalled quickly and so I took out about half the trade and banked it as profit just for psychological sake to be honest. The rest I took out quickly as price was rapidly turning back and I didn't feel like having to nurse a loser. Luckily as you can see price took a nose dive when Ben Bernanke spoke today.
Trade 2) I don't generally trade the news but this time it was too tempting to resist and so I did and ended up with a very good trade nonetheless. 27 pips on the USD Bullish news from Ben Bernanke's speech that he and the Federal Reserve will believe in a "Strong Dollar" policy.
Trade 3) As you can see with this last arrow, volatility breakout to the long side, and again had broken the 1.4975 barrier past 1.5000 so I got in riding a quick wave. Again a little messy, but on the first half of the trade I was able to close 10.7 pips and the second half 7.1. With price rapidly turning back again I didn't want to nurse a loser so quickly closed out the trade.
All in all a great trading day.
