Sometimes you need luck to go your way a bit. Two of my positions post-NFP benefited significantly thanks to unscheduled comments from ECB’s Draghi. That said, it feels like my chart analysis and processes continue to improve week by week.
Ahead of actually trading, I focused on making anticipations ahead of the sessions and figuring out what zig-zags price could likely make for various instruments. This is largely due to good examples of this being set by two guys I follow on Twitter, one of them being Pete Armstrong and the other Simon Kloot – thanks a bunch for freely sharing part of your approaches and processes.
This week was slow in terms of actual trading, as I focused on some studying, reviewing and so forth. However I did place ten trades in the end. Prior to Friday’s session, all of the executed actually worked or half-worked, yet I was still slightly in the red – go figure! I guess my trade management is to blame for that.
However in today’s session things turned a bit lucky for me, with avoiding 3 out of 3 working out in the afternoon including avoiding a near stop-out and exiting at what turned out to be extreme positive price swings. That said, those targets were based on my analysis and identification of support/resistance levels, so I should take some credit.
Additionally this week I allowed myself to start a bit later in the mornings (i.e. 8am) and thus go out more in the evenings spending quality time with friends and doing a lot of exercise – this made me feel a lot happier when I was in the office.
Thus in summary, the good stuff this week:
- Detailed preparations ahead of sessions
- Including marking of levels, understanding context and making anticipations of where and when to trade
- Reviewing the charts each day to identify all valid setups
- Improving work/life balance – more sport, more time with friends, more sleep
- Detailed analysis of executed trades
- Further study of the Voigt text – looking at trend analysis and stops
Some of these points become evident in the charts below – these being the three trades I took post NFP on Friday afternoon:
Happy weekend everyone and see you again next week!