I've decided to start the day off by only trading 25% of the position size allocation to get in step with the rhythm of the market. We have our targets, we have our price turning points and we expect an upside breakout but can't say when because there is some good overhead resistance which should contain price for a while. Thus, we see a range developing between today's open and the high of the day so far. The high of the day has to be broken to invalidate this scenario.
A strange trading day; the scalp trades would have been better if profits had been allowed to run and the non-scalp trades would have been better as scalps. It is a day when the edge was the opposite to normal; it is just one of those things. I'll be trading exactly the same tomorrow hopefully trading condition will be back to normal.
So far we have a net loss but the trading day isn't over yet and I still expect to finish this session in the green.
Summary for the month:
May return: 56% - operator mark: 4 out of 10. The low mark is due to drifting away from our bread and butter.
Summary for the week:
Return for the week: 6% - operator mark: 1.5 out of 10. The low mark is due to drifting away from our bread and butter.
Another challenging day in the pit has come to an...
The good news is the GBPUSD has finally started to move lower; although we are not on that downtrend journey, the time spent on the trading simulator has been of great value and will greatly contribute to more efficient stop-placement, emerging trend identification and better returns moving forward.
There will be 100s or 1000s of trends on our signal journey so to miss one due to operator efficiency improvement work is certainly an opportunity cost worth absorbing.