Wednesday 27th of April

Good morning folks!

Let’s dive straight into it

Trade Update

AUD/USD New Strategy -0.25R (full loss)

I used 0.25 of my usual R to execute a long on AUD/USD yesterday with my new strategy that I am currently forward testing / executing

It has sadly resulted in a -1R

I’m not too surprised or worried about this outcome. My data set already contains a LOT more trades than a single one, so having one extra loss isn’t meaningful. It definitely would’ve been nice to bank a win on the first trade purely for my ego but I’m not in the trading game for my ego, but to execute a profitable edge in the market over and over again

AUD/USD New Trade

Aussie Dollar did however create an extremely clear double bottom formation on the four hour chart tho which enabled us to enter on my normal strategy looking for a potential long

While it;’s definitely not the sexiest counter zone I’ve ever drawn, it seems to hold on correctly and we have a clear weekly stack

I happen to be looking for a potential 1hour scale in as well

Let’s be patient and see if Aussie Dollar will be more cooperative with us this time

As I was adding the taggs to this post, my alert triggered telling me I am now in the one hour scale in.

Let’s hope for the best and prepare for the worse!

It’s always better to think you’re about to hit the biggest drawdown you’ve ever experienced than to think you’re about to get on a tear.

USOIL

You may remember that I had USOIL on my watch and tried to execute it, but I was unsure of the sizing or the correct representation of it in IC markets & hence removed my orders?

It’s currently behaving well, the one hour scale in would’ve been at BE running nicely.

I have no regrets not executing this trade tho.

(Yes I am personally keeping an eye on this set-up to see if I can be comfortable executing trades on the XTI with IC markets. hence why I still have a demo account to execute trades on time to time)

---

FX Watchlist

CAD/JPY

Canadian Yen provided us with an entry however the stop sizing was too large for my trading plan so I remain aside from that position.

EUR/JPY

Euro Yen is in the exact same situation as Canadian Yen sadly, it offered a valid set-up, however, the stop required was too large for me to be comfortable with it, so I remain out of this position. Sticking to my plan.

USD/SGD

I did not execute Dollar Singapore since I haven’t been able to draw a clear weekly stack on this level so I remain out of it.

I drew the RR just to have an idea of how it behaves

That’s it for today!

TLDR of today’s post:

Stick to your trading rules, you should only (and very rarely) adapt if it’s really +EV to do so. If your backtest tells you something….

Why would you throw thousands (or hundreds if you’re still a rookie that hasn’t put the hours in) of hours away?
Heck I’ve no joked spent over 2,000 hours building / refining this trading plan

If I was to charge the hourly rate I offer as a consultant I’d be freaking rich at this point 😀