Nov3 – New York session – 4 trades, -0.59R overall

Quick wrap-up for the day.

  1. The fine-tuning of my mindset – I got fairly focused by the time the Wall Street opening bell came around.
  2. Took 4 trades in the end – short Oil, long AUDJPY, long S&P, long USDJPY – in that order.  Ended up with a net loss of 0.59R – scratching two, small win, and a 0.6R loss on oil.
  3. Management of the positions was reasonable – I stuck to my guns in terms of position management tactics discussed last week.  Points to note is that I was up 1R on S&P (ended with 0.27R) and was up 1.25R on AUDJPY (scratched) – so did feel that I left some money on the table there.  Will take another look at these charts tomorrow.
  4. Oil – after rising through the level of my initial stop less at $80.70 (I had closed around $80.35) on some news re Saudi Arabia and oil prices (rallying close to $1), it set up again a bit later and then plummeted after sitting at the $80 handle – there was a valid setup on the 5M chart.  It fell nearly 200 points in a short space of time, and then consolidated just above the $78 handle, with price action being almost optimal for a smooth exiting of the position.
  5. Kept a close eye on USDJPY after it failed to push through the 114 handle, and then slowly made its way as low as 113.65 (but only after making a nice bearish 123 reversal pattern and the EMA’s crossing over to the downside) – I think this is the type of situation that my mentor wanted me to be alert for, and ask myself what the market is telling me and how I can use that information to my advantage.
  6. After closing my charts and completing some trade documentation at 7.30pm, caught up with a good mate for a couple of beers at the Owl&Pussycat pub up the road.  We discussed how to best overcome days when the going just seems tough.  He is also an enterpreneur (though he sells alcohol, rather than Crude Oil and the DAX) – so it was a good, and encouraging, conversation.
  7. My blog visitor statistics have taken a huge tumble in the last few days – I figure people got bored and dis-interested with my trading banter last week.
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