Jul 24: session update

It’s only 11.30am and I can already update the blog for today.

I was really tired today, woke up at 4.30am (without the alarm) after heading to bed at 11pm and having downed 3 pints of Heineken.  Consequently my psych assessment dropped to 6.5 (out of 10).

Anyways I believe I still traded and executed well.  I waited patiently to short USDJPY and GBPJPY on retracements (same pairs as yesterday) – however this time they didn’t work out.  Some Sterling strength came into the market around 7.30/7.45 and GBPJPY rallied 20 pips in an instant, causing me to have a 1R loss.  USDJPY did show some profit but was eventually closed on a tightened stop for a 0.7R loss.

By 9.30 I had pretty much decided to pack up and go home.  However I then entered a post-news trade shorting Cable just above the 1.70 handle.  This was not good trading.  I ended up with a partial loss on that one too.  This was not professional trading and I should not have done it.  It’s not the end of the world – I just won’t do that again.

Visualization is still going well, and I am happy with the way I am monitoring the market and evaluating the setups.  The routine is definitely getting more established.  Progress!

Day’s result: 3 trades, 3 losers: -2.2R

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2 Responses to Jul 24: session update

  1. FXTraderPaul says:

    Perhaps you’re starting to see why I gave up all alcohol for four years when I was an active intra-day FX trader for a fund!

    One point of interest. I’m interested to understand why you trade USDJPY on an intra-day basis during the European session?

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  2. Yes, I see to understand regarding alcohol!
    I have been treating USDJPY like any other pair so far – I hadn’t considered that it might not be suitable for intraday trading within the European session. My results have been average on the pair thus far, not distinctly different from any other pair. Would you be inclined to steer away traders from wanting to trade this pair during the London session?

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