I have not done a wrap for an individual session for a while, so here we go: [This is somewhat more technical [aka boring] than some of the other blog posts – but give it a go anyways!]
Today I was at my desk at 6am, feeling good as it gave me an hour to get properly prepared, without being rushed. As it turned out, it didn’t really make a difference today, since the markets didn’t give rise to many opportunities in the London session.
Following the overnight Chinese data, “risk-on” sentiment had returned to the market meaning all big trends showed retracements and I was reluctant to trade against the trends on the 4H timeframes. Examples included strengthening of the Aussie dollar, the Kiwi dollar, the stock markets, and weakening of the US dollar and Japanese Yen.
Sterling was the main loser of the day following dovish comments made by BOE’s Carney (this is Carney to the right!) in a midday speech. Unfortunately I was not able to get into the initial moves.
If you ever wondered about the amazing power
that central bankers have – the arrow indicates the precise point at which the Canadian running the Bank of England, started talking.
Things started moving across many markets around 2pm. At 3pm, I decided to head to the gym as it seemed I had caught the moves that the market had presented the traders with. I returned to the office after the gym and completed my trade documentation.
All in all I traded well, following most of my rules, my risk management guidelines and not letting my emotions get the better of me.
My net result was a win of +1.08R after risking of 3.88R across my 7 trades. My average losing trade was £63 and my average winning trade was £141, whilst my win rate was 50% (I won 3 trades and lost 3 trades).
Here is a slideshow of the trades I took today:
Remember, if you are in London, tomorrow night is the bimonthly Traders Network Drinks – free to attend – a great chance to talk about trading to your heart’s content – and if you are really lucky (or unlucky), you might even talk with me!