DAY 77 UPDATE (THURSDAY 6TH JUNE 2019)
Another long day, another new trade, another “no red” day (at least not yet), but another “no green” day as well.
Stats first, the rest later:
No of Trades so far: 30
No of Active Trades: 2
Profitable Trades: 15
Losing Trades: 9
Break Even Trades: 4
What’d you miss?..
Well it does look like a tighter stop loss placement on this trade would have been fatal for this trade as price ended up making a pretty strong push at the resistance level during the day. It managed to get pretty close to our stop level just 12.5 pips away from the bullish candled that threatened to kick us out of the trade.
Trade at the moment is still in the red but our bias before trade entry is still valid so no reason to think of exiting just yet. Tomorrow should give us something more to chew on this one. Would be nice to see price on the green side tomorrow.
CADJPY BEEB SHORT
Looking at this trade in hindsight, it seems quite difficult to justify that BEEB short as that signal candle seems to have formed between two key levels (remember that strategy dictates only taking trades right at/on key levels or zones). However when the candle did form it was considered valid as it’s high was showing a price rejection of the key psychological 81.000 price level, it seemed likely at the time that price may just head down lower right from that point. To play on the safer side though, I decided to have my stop above the identified key resistance level on the chart.
Turns out it was the correct decision as price not only failed to head immediately south, it managed to end up trading above the signal candle itself towards the end of the New York session. While the only thing keeping us in this trade so far is the stop level placement., the only way this trade could end up as profitable is for the key level to hold and price managing not to wick over our stop level.
Keeping my fingers crossed and hoping all these check boxes get ticked.
That’s all we’ll be looking forward to tomorrow Journal, unless we get a new trade set up on a Friday, which is quite rare, relatively speaking. Guess we’ll see at the end of the trading tomorrow what kind of week this one is.
Catch you tomorrow Journal.
And keep the pips rolling in as well if you’re reading this.