The month of May was nothing short of a dream in the markets for me. I hope everyone enjoyed their extended holiday weekend in the US, as I certainly had a lot to celebrate. Over the past two weeks, I received payouts from four different firms, a testament to the hard work and dedication I've put into my trading journey.
However, as with any journey, there are always lessons to be learned along the way. One thing I noticed is that I don't trade as well after receiving these payouts. Perhaps it's the excitement or the feeling of having extra funds, but I found myself making some executional and discretionary errors.
One particular mistake that stood out was my failure to place a take profit (TP) order on a 1:2.5 play on AUD/JPY. Unfortunately, the position hit TP overnight and then reversed, hitting my stop loss (SL). It was a frustrating moment to see potential profits slip away.
Another trade that didn't go as planned was USD/CAD. The price surged back to the high, hitting my SL before consolidating in the upper half of the initial balance. It was a classic case of being stopped out right before the market started moving in my anticipated direction.
On US30, I experienced three consecutive stop outs before the price finally hit my actual area of interest and began to rise. Impatience got the best of me, and I entered trades prematurely. Fortunately, I recognized my mistake and stopped trading, minimizing the damage to my account.
Reflecting on the past five weeks, I've noticed a pattern of struggling on Tuesdays. It's important for me to consider the allocation of risk and the timing of my trades during this particular day. Additionally, I'm considering focusing on quick take profit plays based on the previous day's price action. This approach might help me capitalize on shorter-term opportunities and avoid getting caught in choppy market conditions.
Overall, despite these setbacks and learning experiences, the month of May was incredibly rewarding. It's crucial to acknowledge both the successes and the challenges we face as traders. By remaining resilient and continuously striving to improve, I know I can overcome obstacles and continue to achieve positive results.
As I look ahead to the upcoming weeks, I am filled with optimism and determination. I am confident that I will do better later in the week once the initial balance has fully developed. The lessons I've learned in May will serve as valuable guideposts on my trading journey, helping me navigate the markets with more precision and consistency.
Remember, trading is a continuous learning process, and each experience, whether positive or negative, contributes to our growth. Let's stay focused, disciplined, and always open to refining our strategies. Here's to another successful month of trading ahead!
AUD/JPY
Peak Formation High formed on Monday, consolidating above Fridays High
Price retraced and rejected 71, 61 and 50 Fib levels early in Asia
I entered short when price began to break down in Asia targeting -61
I went to sleep with the trade in profit but failed to set my TP
Price hit TP for a 1:2.5 and reversed before I woke up in London session
I let the trade run and it eventually hit my SL at its original position prior dropping back through all levels without me
USD/CAD
Anticipating Day 3 Shorts after Monday's Day 2 I pulled fibs from High to Low across Mondays Range
Price rejected 71 fib level hard at Asian open, engulfing the previous hour of work
I entered short targeting -61 with a tigh SL above the high as I did not expect price to return to this level
Price dropped aggressively but stopped short of my preset TP level
I went to sleep after price had bounced and did not secure partials or move my SL down
Price came back to the high prior to London session before hitting my SL and then dropping back down to the LOW
US30
Expected price to continue Long I left my fibs from Friday's low to Monday's High
I took my 1st Long position off of 23.6 in Asia
Price consolidated overnight and the position went into profit before reversing prior to NY Session hitting my SL
When this level fails I should be waiting foor 61/71 fib level to be rejected before further attempts to go Long
Impatient and a little annoyed, i waited for price to drop at Equity Open to my 38 fib level where price bounced briefly before falling through my SL again
At this point I knew it was time for a break so I shut down the charts until after lunch
I came back after lunch to find that price had wicked my 61 level
I waited for further confirmation price left without me engulfing the entire lower structure
Tempted to chase what I should have been waitng for all day, I waited again for a pullback
I entered Long at the end of the 3pm candle targeting the Intial Balance Midpoint for a scalp
Price did not quite make it there and I closed for my 1st and only wins of the day
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