Well the London session today felt like a meat grinder. What started off like a trend day (down) turned out to be pretty choppy and rangey. My first trade was a great entry. Shot my direction, I was licking my chops preparing for a quick profit taking then I got blue balls. It shot right back up and into a sideways bullshit ranging crap for a good 30 minutes. I still liked my entry and stuck with it. I got another nice leg down and it literally was 0.1 pips away from my target. So once I saw a few bars against me and more choppy sideways nonsense, I exited for a +3.3 pip gain. Had profit set at +8 pips.
Next trade was again a pretty good entry (and by that I mean it has some good movement in my direction relatively quickly after entering – so maybe good timing is a better way to put it). Price grinded down in my favor for the better half of 20 minutes before deciding to violently reverse. Alright, no problem shit happens, I manually exited before it hit my full stop loss. -3.5 pips.
Last trade in London was more of the same. I was getting good entries but either my profits were not being hit or I’d get chopped up a bit before the move. Another -3.5 pip loss on reduced size (I reduced as I wasn’t so sure about the trend anymore but still wanted to get in should it resume).
I sensed my frustration after dropping some choice adult words at my monitor and quit for the time being.
But wait, what is this? Yes, it is the USD/JPY chart. I went and had diner and read some articles online. I wanted to take a peek and see what kind of movement we were getting. And although I mainly trade the EUR/USD, I saw some nice movement here (they are almost perfectly negatively correlated, but the USD/JPY tonight showed me some more volatility). So I was looking for an entry short.
Missed the first entry shittin’ around debating whether I should take it or not. I should’ve as it was a nice quick profit. So next pullback I wanted in. Entered, got a little bit of sideways movement and a slick and quick rip down. I had my original target set at 10 pips but it was just moving so nicely that I tried moving my target down to capture more of it. I couldn’t move it down fast enough as it hit at +13 pips. No complaints
Biggest takeaway from today – If I see something that pops out at me, don’t hesitate. I am glad I stayed disciplined in the London session as well, calling it quits after getting chopped up.
I think trading live is actually helpful in a sense. If I was on the simulator I would’ve just cranked it up to 5 lots and taken whatever trade just to make my simulated P/L sheet look cool at the end of the week. Trading with live money keeps me from doing that kind of nonsense and sticking to the plan.