Another tough day.
Started out with a scratch and four losers. The scratch was on the DAX after being up in excess 1R (around 35 points against a 25 point stop). The losers I kept small, between 0.3 and 0.4R a piece. Still annoying though. It’s good that I am getting better at getting out of losing positions more quickly. I just need to get into more winning positions, and ideally trades that don’t retrace but instead, just hit the designated T1 levels.
The 4th loser was on a short GBPJPY position, and came at the start of the New York session. At this time USDJPY broke through the 102 handle to the upside and triggered all the Yen pairs to rally a little stopping me out on a tightened stop. However (!) I was able to go short a second time shortly afterwards, and was able to produce a profit of 1.4R on that trade, more than making up for all the losing trades.
That was followed by a 0.5R loser on the S&P, after I had patiently waited for the 3pm US news. This loss quickly led to, what i can only call, a revenge trade – a full 1R loser on the DAX in a very short space of time. I thought I was beyond this type of amateur behavior, but I guess people slip up sometimes.
Thus by the end of my New York session at 4.20pm, I was feeling pretty f***in angry and frustrated – ready to throw something against the wall (I didn’t). I left the office in a foul mood.
It’s a good thing that I have my speed-skating to balance things out. I went to Hyde Park, did some training, and then socialised with a lot of skating folk. By the end of the day I was back in a good mood, and ready for the next trading session tomorrow morning. Remember I am going to be doing this day-in, day-out, until I turn 40 in fifteen months time. So I better learn how to get through it.
On good point to note, is that I was fairly good at picking the setups, and I certainly didn’t miss any valid setups during the London session. I guess the market’s current tight behavior is making things a little difficult.