Well that was a hard 0.5% for the day ! 😉 Would have been a lot easier if i could have found a setup on EURJPY or GBPJPY, but by I had the moves looked like they had already gone a major part of their daily ranges.
I took on 4 trades today. Three as per my strategy, the other one was late in the session on GBPUSD which to be honest was probably an emotional trade, as opportunities seemed so sparse these last 2 days in the AM session, but after triple checking the timeframes, the setup was valid so in I went.
3 profitable trades, which gave me a net 17pips and 0.5% on my account. Not great, by any means, but if it wasn’t cutting the 3 early trades when I did I could have been in negative territory by end of day.
I was mindful of the Trade balance news at 09:30….not sure if it was to be significant or not as the two news calendars I use didn’t tie up (not the first time), which is why I have two! The calendar on Forex Factory said that the Trade balance news was high impact, yet the one on DailyFX had the news at Low. Well as it turned out there was an effect and I wanted to be out of my early trades before 09:30. Additionally there is USD trade news at 13:30 so I was trying to straddle to major news events.
What is interesting today was looking at my trade journal for the past few weeks and comparing that to the 1hr charts for the same period. I found that I had a bumper week when the currencies (mainly GBPUSD in this case) were in a firm trend on the hourly charts. Last week was a poor week but then the charts show the pair to be undecided. So note to self ………higher probability trades on any currency with my strategy will occur when the hourly charts show a solid trend.
See attached :