Second verse, same as the first
Today’s trading session was a lot like yesterday’s: It started out slowly, with a lot of ranges, but then picked up with a surge at the end.
The one clear movement coming into the market was the weakness in the British Pound, based on renewed Brexit concerns. As I came to the charts, both GBPUSD and GBPJPY had clear directional moves short that had been continuing for a couple hours. But as so often happens that time of day, the CDM started going sideways. I took YL trades on the GBPJPY and also on the EURGBP. Both were stopped out fairly quickly. I set re-entries on both of them at the next level. Both RE’s were hit, and then both stopped out.
Like yesterday, I had a target in mind: I needed to net approximately 40 pips in order to end the month (barely) positive. But now, down <43>, I had to capture over 80. But towards the end of the session, the Yen pairs started moving, and one after another of my pending RBO orders hit, till I was fully loaded with 6 open trades. (I often don’t have the margin to handle that, and it definitely pushes the mental and emotional limits.) But all except one were moving nicely. The AUDJPY hit my take profit limit for +16, so I was only down <27>. A couple of the pairs were getting very close to their TP limits, but frustratingly, wouldn’t quite make it. Finally, thought (by mental arithmetic) that I had enough to make my goal, and I punched out of everything. But I found I was a few pips short, and several of the pairs continued quite a bit further. If I hadn’t been so impatient and had held on even another 5 minutes, I would have ended up with about another 25 pips, and would have blown away any shortage caused by my poor mental math.
It was simply a matter of lack of discipline – giving yourself an order and then doing it. I didn’t do that.
Results: 11 trades, 5 W’s, 6 L’s, Net 34.6 (+1.22%) for the day. Week to date: + 87 pips. For the month: <3.5>.