Another boring day. Lots of action in the A.M. that I was not in and a lot of midday consolidation that I found myself monitoring. But one nice setup formed this afternoon minutes before my cutoff time for taking trades and it worked almost effortlessly down to its target. The frustrating part is this: it would've essentially erased yesterdays loss but due to my one mistake i'm still in the hole for the week right now. Regardless I traded today perfectly and can't ask anything more of the outcome.
In other news there were massive 4H and 1H trades this morning and yesterday that were 110% textbook that i've been monitoring. I wanted to make sure everything is working as it should on every timeframe and not just on the 5 minute. Today's profit off of three trades would've been around 1000 pips. Yes. 1000. So obviously i'd like to move towards taking trades on longer term 15M, 60M, and 240M charts in the future but I feel that I need to get my accounts a bit larger before I start putting on some of the longer term trades. For example a short in the EURJPY last night would've required almost a 300 pip stop... Thats a bit too much of my account than i'm willing to risk at this point.
But i'm happy to report the trades are flowing on all timeframes just as consistently as the 5M. In the future I think they will serve as a very effective tool in smoothing out the equity curve and acting as a hedge against losing trades on one timeframe by supplementing them with winning trades on a different timeframe.
Trade Results:
USDJPY: +36.88
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