I didn’t think I would have an opportunity to trade this morning – it’s Monday and US Public Holiday could mean slow and choppy. What I saw though on EURUSD was the exact setup I saw on AUDUSD on Friday – I couldn’t resist sizing it up and trading it short and against the trend. Play it tight though, it was right on 08:00 GMT and Cable and Aussie looked stable enough. The EURJPY was also looking unhappy so used this pair as my confirmation of EUR weakness.
In at 07:55 and out totally at 10:30 for 1.5%. T1 hit with some resistance and I really didn’t see the momentum for price to get down to T2 especially when the Cable and Aussie started to fly a little. I took the remainder off the table a little more than T1.
Again, just 1 trade is enough. Looking at my trading journal, I’ve gone from 20-25 trades per week (Jan 2010) to an average over the last 3 months to just 5 per week – 1 a day. And in that 3 months I’ve grown my account by 10%, versus the hedonistic trading style early last year where I was leeching capital by trading just too many times and on everything that moved.
Now off to the airport with a thermal vest; apparently it’s going to get down to -15 deg C there this week – holy crap
see you Friday