I got to my desk at 6.45am this morning – spent 3 hours in Joe’s trading room watching them trade off 15M charts. Then took a brief break at Cafe 1001 to kind of focus. Then returned to the office to analyse the market in terms of STAM and supply/demand. I bought some lunch and ate it at my desk. There were no STAM setups. However I took a trade on AUDJPY (s1B) on the basis of supply/demand. I broke back into the habit I had in late 2011 where I would continuously watch the trade (without taking any action) and it more or less paralysed me and made me non-productive. I tried to continue with the demand/supply analysis, and on that basis took another trade on GBPCHF (also a S1B). The AUDJPY trade just got stopped out.
It’s been 7 hours (more or less) that I have been at my desk now. I need to take a break, do my skate training, and then come back later and finish the work I had left.
I closed the GBPCHF for a small loss, on the basis that I doubted whether I made the right judgement on the trade. Limit the damage if I think I am no longer trading with an edge?
When I come back, I will comment on this entry – see what I could have done differently.