Recap: We were lucky to escape our long with only a 9 pip loss yesterday as our long was triggered at 1.2679 on the 9:23 UTC resistance break. That candle then closed at 1.2670, closing out our position as a false break.
All and all it was a profitable day for us to thanks to two things: 1) Wednesday's AU short which finally move swiftly into the profit, and 2) our false break rule which closes out positions if the entry candle closes above/below our entry price (basically in the negative) then that closes the position.
**** One final though for all you piphutters before the weekend, this one on money management. This is a quote from a large trading desk trader, as he opines on the year for his firm: Last year we made $360 million and lost $330 million. Think about that: take off some zeros and that is equivalent to us saying we lost 33 pips but gained 36 pips for a 3 pip gain! That is the kind of ratio one of the best firms in the business attains! Too many traders enter these markets with the idea that they will get every move right, that they will become millionairres. Don't believe outlandish claims from traders saying they make 8000 pips a month with hardly any losses. It just doesn't happen 99.9999999% of the time! Solid money management, consistent profit (shameless plug: like our swing trading system) is the only thing that will take you from being part of the 90% who fails to the 10% who succeeds! Are we profitable every day? No. Do we have a 90% win ratio? No. Do we consistently make profit, as shown in our performance results to the right? A BIG YES! Slow and sure. Want to try a get rich quick system? Knock your socks off. We'll be here, trucking along slowly but surely when you get-poor-quick :).
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Trading Idea: No trades today as the weekend is quickly approaching. Have a great weekend!