Started this week off with a loss, which finally put paid to any chance of hitting my monthly target. Today's loss was -1.04% leaving me at +2.62% for the month. If I get in a win tomorrow, that'd be great. But I won't be chasing it.
On to today's chart.
On the left of the chart is the highest volume from Friday, marked as 1. Price dropped from the low of this zone this morning. I was looking for an entry here but unfortunately there wasn't a signal to get in. This drop gave me another volume zone at 2. Price failed to break the high of this zone so I took it as weak. Once a signal formed near the low (at the purple 0% from a previous zone) I decided to take it. It didn't go my way and has idled sideways since. Drifting down a small bit but not really showing any conviction.
I wrote Thursdays update late Friday morning and never got around to writing the entry for Friday. So here we go.
I took two further trades on Friday, one loss and one win. The loss came first so the win only really served to cover that and make a small profit of 0.4% for the day. I finished the week -1.63% which ends a run of five straight winning weeks. I'm happy to have made back some of the losses from Tuesday and Wednesday but it could have and should have been a whole lot more. At the very least, breaking even for the week. I'm a bit disappointed with myself and have to refocus for next week. There are still two days left in the month in which it's still possible to hit my monthly target. I'm still up 3.7% overall which i'm happy with, considering the last two weeks.
Anyway, screens of the two trades on Friday.
I figured the volume on zone 1 hadn't proved any strength and decided to take a short at the break of the 50%. Unfortunately it didn't go well at all. It took me into the trade and reversed straight away.
After I was stopped and price had reversed through the down channel a buy signal printed which ticked all the boxes so I entered long. This trade went well and was at BE before the US news announcement at 12:30. I decided to let it run and it thankfully went my way and went up to the target.
I was berating myself for being greedy on Thursday and I had a bit of an internal fight as to whether I should let this one run or not. I eventually decided to close it at the usual profit target which proved to be a good idea as I would've been stopped at BE. Price did eventually push through the high of this new volume zone (right edge of the 15min, not marked) in the evening but there was no signal to get in unfortunately.
Yesterday (Thursday) and today have been really up and down.
I took three trades on Thursday. A win, a break even and a loss.
The win was a good one, bringing in +3.59%. I then lost 1.12% with the final trade of the day.
Despite finishing the day with a gain of 2.43% I was still incredibly disappointed with that outcome and the day as a whole.
I have got to start getting a better handle of my emotions and self sabotage that seems to have really crept in recently. Otherwise the work i've put in and good start to the year will quickly unravel.
The first entry is annotated on the P&F chart above. Price reacted nice and quickly to this signal and I was at BE in a relatively short amount of time. I had already deviated from my usual target taking and set a target of the high of the CPI zone (marked target 1). Two reasons, 1. I'd had a crap start to the week and 2. I felt that if it pushed through the orange and green 100% that it had an unobstructed ride up to the high. Which was exactly the case. If this idea had failed I would've been at BE and no harm done.
Seeing as I was already at BE on the first trade and had no risk, I decided to take the second entry that arose. This, unfortunately, is where I got greedy. Instead of using my usual target (marked at the high) I decided to extend way beyond the CPI high as I thought it would push through. I should've paid more attention to the high volume that came in and the initial reaction. Unfortunately this second trade ended up closing at BE. If i'd set the target at the high it would've covered my losses and brought me into profit for the week. Which would've been a huge win.
To rub further salt in the wounds, I decided to take a sell later in the day. I took the above screenshot just after I was stopped. It pushed up a little further before reversing and pushing down in the evening. Frustrating to be stopped out by a few pips only to have it push down. To use a well known phrase, this past two weeks, I seem to be a day late and a dollar short. There, but not quite there.
Friday hasn't started much better, with another loss this morning. I'll put that in a separate post to sum up the week at the end of the day.