Another trading week has finished.
Today was tedious going. I had several losing trades at the start of the session, though managed to avoid full losers on any of them. It does seem that quieter days are harder to trade with this type of strategy.
However I managed to turn a winner buying AUDCAD in the wake of the weak Canadian employment report. Entered and managed this trade from the 1M chart. I wish all trades were as easy as that one. The AUD has been the strongest performer on the 5M/15M/30M timeframes just prior to the 1.30pm news, so it was the most logical pairing for shorting CAD.
Other good news from today is that I managed to have more of a structured routine today, putting in practice the ideas I developed and discussed with my trading colleague D and with my trading coach yesterday. I was surprised that some tasks take longer than I had expected.
Collating the batch of trades I did this week: 28 trades – 14 losers, 10 winners, 4 scratch trades – churning out a net profit of 1.6R. Average RR ratio was 1.7.
Let’s see whether I can do another 25-30 trades in each of the coming three weeks to allow me build a good sample size.