Hey guys welcome to my first trading rewind of the new year, I've been trading since Monday, but today was the first day that I actually received some valid signals. Actually, I lied, I did have two valid signals yesterday but I hesitated and missed out on about 70pips between the two. No biggie, I look at that as my adjustment period and as a message that I need to get refocused and pick up on where I left off last year, unfortunately today didn't start off good. I put up my charts at about 7:55 and saw a triple top forming on USDCHF. I quickly looked left for some structure and entered the trade. This trade ended up being a bad one. Not for the fact that it lost but for the fact that I didn't follow through with all of my rules. One of the things I need when looking at the market is ratio confluence and this trade had none. I was a little upset at myself but didn't want it to ruin my day so I took a line from the TV series which I've been watching on Netflix lost (yes I know I'm like 5yrs late) counted to five and forgot about it.
Later I found three more opportunities in the market and I made sure not to pass them up. The first was on the NZDUSD going short which hit target 1 for 15 pips and was then stopped out on trails for 8pips. The second was GBPJPY which was stopped on for break even after I rolled stops. It eventually came back to what would have been a winner, but my strategy is to protect against losses, so I'd rather play it safe then go for every big move. The third trade would have been a short on the GBPUSD if not for the fact that I am currently involved in a swing trade going long on that pair. And last was a short on the AUDUSD that I missed getting filled by one pip. Both of those later trades would have been target 1 winners and the stopped out for trails.
One thing I learned from today is that I might need to ponder with making a new spread rule. I usually give an extra 2pips per pair, but I may go back and actually look at the average spread for each pair since a spread on EURUSD is going to be different from say EURJPY, We shall see.
1 Winner (22pips) 1 loser (-40pips) 1 Breakeven, Today's Total=-18pips
I'm rushing to get these charts up so pardon me if they are not in the correct order.