As a trader, it is important to recognize the value of light trading days. Sometimes it is better to take a step back and focus on the quality of your trades rather than the quantity. This was the case for me on Monday, as I spent my time looking for setups that provided a 1:2 risk-to-reward ratio on various currency pairs.
At the same time, I was aggressively taking profits on my NAS100 and US30 trades. However, it's important to keep in mind that we must pay attention to the Average Daily Range (ADR) when selecting reasonable price targets. While I did have some trades that I let run on the indices, they eventually came back to take out my runners with small profits.
In trading, it's important to always be adaptable and adjust your strategy when necessary. It's also important to recognize that taking profits is never a bad thing. When you have a profitable trade, it's always better to lock in those gains than to let them slip away.
USD/CAD
Price printed PFL Friday and locked level in London.
Fibs puled across Friday Day Range. Price rejected 50 and then 38 levels.
Price broke out on a gap up during the 830 Data Release.
Entered Long targeting -27 from 23 fib level
GBP/USD
Price printed PFH on Friday and completed move short.
Fibs pulled across Day Range.
I did not extend Fibs as day progressed.
Entered late waiting til after 830 Data Release targeting -27.
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