The US, the UK and Europe were on holiday yesterday, so I didn’t trade, and instead tried to review some of my psychology notes.
This morning I got right into it with four trades on four instruments. None of them turned out to be winners, but the overall result is less than -1R. Note I have increased the value of R from £140 to £155. It seems that the market was limited in how much it was going to move during this morning’s session. Two of my trades moved well into my favor – to the extent of 20-25 pips, just shy of their targets, but then both ran out of steam and retraced to the entry level, which tended to coincide with the EMA20, which was used as a trailing stop. So did I do well in terms of managing the trades, or not? You decide (and comment below!)
Still to follow: Charts for the completed EURJPY trade (-0.57R) and the long USDJPY trade that I didn’t take because I thought the pair would not move much further given that it had already done 110 pips (with a daily ATR of 56). Here we go (also another chart on EURUSD):