Here’s my note from the Discipline Strategy today: Cable closed for a winner. EU is still open after coming with a whisker of the target level. 37 trades done to date. Discipline is good. Sticking to all the rules of the strategy and not messing with the open trades.
Trading Day 24: Jun 19
Long break because of consulting in Paris, and then needing a couple of days to settle into Bayreuth. This time used FXCM platform to place the orders. May as well get used to the platform since I will be using that one for my swing trades.
Checked the 1H candle shortly before 7am GMT (8am Bayreuth) and realized that price was trading near the high of the candle. Bought Cable at market at 7am, and placed buy stop order for EURUSD.
Got filled on the EURUSD trade a few minutes after 7am. Hence there was no need to enter the sell orders into the market.
EURUSD – Tight Asian session overnight – consolidating, but has been rallying on the 1H chart for the past 2-3 days. The 7am candle is not bias in either direction.
Cable – The 5M chart is trending up. The 1H chart has been bearish for a couple of days. The 7am candle looked bullish.
Equity Markets – it’s only the Nikkei that has fallen significantly. The US and the European stock markets are actually not far from their record highs.