ForexSpirit

The switch to Daylight Savings Time yesterday meant that I had to call upon more willpower than usual to fall out of bed this morning. I allowed myself a mini lie-in on Sunday and took the hit on one less hour of sleep last night.

Friday’s NY session saw most of last week’s losses recouped by the euro. The start of this week was rather quiet with things only really kicking off at around 4:00 EST. Given the subdued opening of the London session I didn’t think it wise to look for any counter trend opportunities. Instead I decided to ride the bullish tone.

Bias: Long
Conviction: Medium

I tried to be really patient today. There were about three other times that I was very close to opening a sequence but didn’t feel as confident as I would like so held back. All three would have worked out all right but I’m glad I kept my powder dry; important to work on restraint.

First sequence (in red) netted 10 pips.

When I felt price was rolling over at the 1.3980 resistance level I put on a small counter trend position. I wanted to have a toe in if the upward sloping trendline was broken. It held and I was out at BE. I was tempted to follow this up with another short but time was running out and I didn’t want to be holding a position at the end of the hour.