AUDUSD
The pair was finding resistance just below the .9200 handle, so I placed a buy stop order at .9208. I was wary of a former high around .9221, so I only put on half my position, before adding a 2nd position at .9227. Once the news came out better than expected, I quickly got triggered and the pair kept rising. Both my position eventually got triggered.
The pair was already at .9237, just pips away from my initial target at .9050, which was PP R2. Unfortunately, the move lost steam and started to move back. I thought that it was moving momentum, so I ended up closing at breakeven. The pair continued to range, until breaking back up midway through the European session. I would have made some nice pips had I held on. However, I do think I made the right decision to close. It was a news trade and the pair didn't react as I thought it would. Better safe than sorry!
End Result - 0 pips / $0
EURUSD
Another pair I was watching today was EURUSD. Unfortunately, I didn't take any trades, as I had a short euro bias. I could have went long as PP S1, which would have been a valid setup since stochastics were indicating oversold conditions. I could have also made some really nice scalp trades off the pivot point, but I refrained since stochs were overbought, and I was scared that the pair would suddenly burst lower.
Right now, I don't think I'm being as adventurous or confident as I should be. There are a couple of setups that I should have taken. Aside from that, I see myself trading smaller units. I think its a psychological effect - for some reason whenever I trade bigger units I end up losing.
One more day of trading for the week, hopefully I can win some and make up the small red ink I have so far for this week.
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