Good morning folks! Hope all is well.
Had a few messages from traders that are feeling a bit down after taking quite a few losses while following their trading plan. So I shared something on my IG last night:
I had a -8R week this month (on my scalping not with this strategy). It was rough, it was one / if not the worse I ever had. I just kept executing my trading plan while doing more backtesting and reviewing my trades.
It’s all in the small details, you have to keep focusing on them- you have to chop wood and carry water every day.
Yesterday was a 9R day for me with the exact same strategy.
I’m just sharing that to make people see what everything comes to pass would it a be a drawdown or a pandemic. Just keep working and doing the unglorious work day in day out. It will pay off.
Anyway enough talk, let’s dive into the…
Let’s mention gold once more, I now won’t be taking an entry from it based on my 4 hour strategy, however I’m definitely keeping an eye out for a potential bullish run. I expect a bull run both in gold and in oil so I’m staying on my toes.
While aussie yen remains quite far away from the area of supply I am interested in it remains an exntremely clean set-up/ There are two ways of drawing the weekly stack, one by taking two imbalance, and the other way to look further back.
We’re at 100 pips away from the key level, so I’m mainly expecting a move either tomorrow or next week. Alerts have be set.
Pound Yen is in a rather similar situation as AUD/JPY, we are approaching an area of supply, Around 180 pips to go I believe.
It’s still rather far, there’s also a demand zone lower around 136. I mainly want to keep an eye on this pair. Today seems to be a slow day, so just have to be ready for that
Still reading smart money – how hedge funds look at companies. It’s interesting, it would really help to build a check list before taking an investment.
I used to have a checklist I had to go through every single trade on top of my trading plan. These days I stick to my trading plan, but it’s something I’d recommend everyone that has recently updated their trading plan – for those who don’t have a trading plan then you should write one!