ANOTHER GOOD TRADING DAY

I woke up to find that my USD/CHF position was ahead by 20 pips. It was left overnight. I woke up several times during the night, not to check on the trade but because I could not sleep. While awake, I adjusted the stop loss a couple times to my favour. I used ATR (Average True Range) value to determine my stop loss. Since I was short on the USD/CHF, I picked up the high of the last candle and added the ATR value to it as my stop loss. It seemed to work extremely well until I was stopped out in the evening. I was already well ahead in my profits.

Just before 9.30am, I went short on USD/JPY as it was hugging the Bollinger Band like the USD/CHF and confirmed by stochastics. It was another good trade that lasted until 8.30pm.

There was CAD data on Net Change in Employment. It moved a good 60-70 pips. I did not get in as I was waiting for the USD Non Farm Payroll. I used my usual Double X entry where I would place entry orders for both short and long position and would cancel the remaining one if the other was triggered. Ten minutes before time, the long order was triggered and when it was time, it moved in the same direction. Immediately I brought up the stop loss to a level that I would incur no loss no matter what. Somehow, the market reversed violently and my position was closed 16 pips below my stop loss. I was perplexed by this. I believe this is what they call slippage in forex. I could absorb the loss given the earlier winning trades.

Overall, I registered a small net profit for the week's trade. Time to take a break.