My long position in EUR/USD that I opened on Monday was stopped out yesterday, as the pair broke the rising trendline and headed south.  This puts me down 1.37% for the month.  I don't see any opportunities tonight, so I'm going to stay on the sidelines and wait for a good setup.

My GBP/USD short position that I opened last week waffled around my entry price for several days.  Friday it had gone against me and closed in on my stop, but then Sunday evening it opened back down near my entry and even moved in my favor past my entry.  I took this opportunity on Sunday night to move my stop to breakeven, so as to not lose any money on a trade that hadn't done much the past few days.  Well, late last night the pair barely hit my stop, before dropping over a hundred pips over the course of a couple hours.  So, I ended up with a scratch trade, but I'm satisfied with that, since I was able to protect my capital.  Sure I left money on the table, but there will be other opportunities.

I opened a long position on EUR/USD early this morning, as the pair appears to be bouncing off of the rising trendline.  This is currently my only open position, and hopefully it will move in my favor.

I've been reading a lot recently about the importance of setting goals for one's trading.  For so long, my only objective has been as nebulous as simply making money or becoming consistently profitable.  However, setting realistic goals that can be measured can play an important role in a trader's performance.  They offer a real objective and a means by which one can measure his/her progress.  So, starting this month, my monthly goal will be an increase of at least 2.5% of my account.  Some months I may fail to meet my goal, and some months I may surpass it, but every month I will shoot for at least 2.5%.  I figure that 2.5% is an attainable goal, since I risk roughly 2% per trade.  If I can get a couple of good trades per month while cutting my losers quickly, I should be able to meet my goal.  When I can consistently make 2.5% per month, I'll reevaluate my monthly goal and consider increasing it.

I entered a long position in EUR/USD on Thursday night of last week, but was just barely stopped out on Friday before the pair started to rise again.  My stoploss was just a bit too tight.  The pair responded positively to the rising trendline, and there is still a reason for entering a long position here, so I'm going to give this another shot.

• Order = Buy Limit
• Limit Price = 1.55539
• Stop Loss = 1.54500   

The Euro is hitting a rising trendline and appears to be respecting it as support.  The overall trend is up, and until it breaks the trendline, I'm going to have a long bias.  I'm going to enter the low-risk long trade here, with my stoploss just below the trendline.

By the way, I'm still short GBP/USD.  The pair's been moving around quite a bit since I entered the trade a couple of days ago, but it's been making new lows on the daily chart and is staying under resistance, so I'm still in it.