1/4 – April Fools Day Trading +1.65R

I had planned to take a half-day today.  In the end I ended up leaving the office at 11.30am already.  I did two trades – both winners – the first on Aussie dollar (as yesterday) – though this time it was a winning trade thanks to a good rally in the Dixie.  Again, trade duration was short – only 36 minutes.  The 2nd trade was another ballsy one BUYING eurusd after it had fallen significantly.  I spotted a bullish 123 setup on the 5M chart.  I figured it already fallen 60 pips since the London Open, and there should be a good chance of it going sideways or retracing ahead of the US ADP employment report at 1.15pm.  Given how ballsy this was, I risked only 0.5R (i.e. £50).  That trade also turned out well – trade duration was 40 minutes.  The charts for these two trades are as follows:

207 EURUSD aPR1

206 AUDUSD aPR1

I had also considered a long on Cable as well as longs on DAX.  The charts for these looked as follows:

Dax aPR1

Cable aPR1

Psych Review

1. Who was in charge? The Proficient Trader seemed to be in control today.  A lot of patience was exercised before getting into trades.  And when the trades were entered, they were entered at “cheap” levels.  A lot of the time was just spent watching and sitting back.  The stop loss management was conservative and minimal influence from the destructive trader.

2.  Overall traded quite well.

3.  Noting comes to mind immediately for how I could have improved my trading today.

4. Good trading: Great analysis on anticipating reversals on Cable prior to 9.30 UK news, and on EURUSD at the time of the 2nd trade.  Good market assessments and analysis, position sizing, position management.  Good focus and concentration.

Bad trading: Not getting into long DAX positions.

5.  Bad Trading – why did this happen? I had fixated on this belief that the DAX can’t go any higher prior to ADP news because it had already rallied so much.  Where did this belief/perception come from?

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