It was a hard night’s sleep last night with the skating injury burning and waking me up several times at night. I did eventually make it to the office shortly before 9am.
The deliberate improvement I wanted to make today was to be more patient with getting into trades and making sure that I followed all the strategy parameters. This should be a given in any trading session, however I failed to do that during the prior session.
Patient I was, and only entered into two trades. Unfortunately both again were losers, for a net loss of 1.4R. The first trade, a short NZDUSD position, was interesting. I ended up shorting very close to the low of the day. It made me think that I have to pay more attention to the distance between the EMA10&20 and the EMA100 – the trade becomes much riskier when price is overextended, i.e. when it is a fair distance from the EMA100. I will pay more attention to this going forward.
The long AUDUSD trade traded very tightly for a good hour and a bit, and I eventually had to close prior to the USD news at 1.30pm – the reaction to the news was in fact very muted, however price the gradually rallied to the T1 level. My habit is to always exit open trades prior to Tier-1 news.
I feel frustrated – I am obviously tinkering around with developing the strategy – making small changes here and there – or am I? I will just keep going. Risking £50 a trade and with my current standard of living, my bankroll will last me a long time (I had made a deliberate point of quantifying my bankroll with some precision – and the figure is ok). So I will just be patient and keep on working hard. What motivates me is how things will be if I can make this trading operation work!
Left the office shortly before 3pm to watch some Tour de France. After that I was half-asleep on my bed, looking at some 15M charts for insights.
It’s gone past 11pm. I laid down to sleep two hours ago, but the pain from the skating crash and the warm temperature is keeping me awake, so now I am back awake. Maybe I am not made for the early starts?!
A good thing that happened: This morning I did my visualization exercise for the first time in a long time, working through the document that I have compiled over the last few days.