ForexSpirit

You know what’s a royal pain in the ass? Getting up on time in the morning and then collapsing to the floor in agony while trying to get to the computer room to begin trading.

Such is the sequence of events that befell me yesterday morning. My back gave out on me completely and I had to focus on getting better which meant no trading on Thursday.

After a visit to my doctor I’m stocked up on pain and muscle relaxant meds. If things don’t get better by the end of next week I’m sure I’ll be getting an x-ray and/or MRI to get more data on what my problem is (although it looks to be a herniated disc).

After resting all day yesterday and a good night’s sleep I was up to placing some positions on the last tradeable day of the month.

Even though England had a holiday today (due to the royal wedding) I figured there’d still be enough price action from other European cities (such as Frankfurt) to make it worthwhile.

After a quiet London open price was approaching the high from Wednesday. I went with my usual counter trend bias for the 6:00 EDT hour after all the one way action so far in the session.

Bias: short
Conviction: medium

There was no price action reason for placing the first entry in the today’s red sequence. I was just going along with my short bias. I didn’t think that there would be much clarity in price action today with most traders having one eye on the TV (watching the wedding even though they think the amount of coverage it has gotten is kind of ridiculous; okay that’s what I was doing and thinking too).

The second entry was done on the stall at the 1.4870 resistance level.

When price continued to move up I was looking to see how price would react at around 1.4880 to determine if there was the chance to add a third leg. Price never made it that far up so I switched my focus to seeing if I could eek out any profit from my two open legs.

After the sharp bounce down from 1.4878 I decided I would hold on and see how price would react at the support level of 1.4862.

When it failed to break through cleanly I exited and went all square.

Since it’s the last trading day of the month I’ve run the numbers quickly on my overall performance for April. My account equity change was +5.42%.

It’s my first positive month using nothing but scalping which I’m very pleased with. There is definitely still room for improvement as my long term goal would to be producing on average about a 10% monthly return.

I’ll be having a celebratory beer or two this evening to congratulate myself on some very solid progress this month.