ForexSpirit

I like the way that Soma lists his daily tally as part of a post header on his Cold Morning Lights blog so I’m going to copy the idea but with a twist: instead of noting the number of pips I’ve made or lost, I’m going to focus on the percentage change in my account equity. I’m trading a demo account as I acquire my scalping chops and I base all my trades off a hypothetical account balance of $1000.

I was completing a performance scorecard every day (an idea borrowed from Don Miller), but I didn’t notice it providing me any ongoing benefit so I stopped. I completed the scorecard everyday for a full two months so I did give it a decent shot. Looking back at the scorecard the main benefit I get is in picking out the days where I performed badly. Which then aids in picking which blog post to review to find out what went wrong that day.

I will be able to easy pick out which days went poorly by adding the daily tally as part of the post header. That way I can just browse the Archive page and drill down into days that I want a refresher on.

Today I went with a short bias based on a false breakout on the hourly chart. 1.4405 was a solid resistance level during the Tokyo session. The London session managed to break up to about 1.4440 before coming back down to 1.4400 during the tail end of the 5:00 EDT hour.

Bias: short
Conviction: medium

I was within an inch of putting on a short at about 6:12 EDT but I hesitated, price dropped and the moment passed. The hesitation was a desire to see price push up towards 1.4410 one last time before looking to go short. My resolve was waning with each passing minute as I was becoming to believe that the time for another push up was past.

When the next move up only made it to 1.4405 I was in short with the purple entry. I got out on it stalling at the prior minor low.

I was then looking for a pop above 1.4405, maybe another test of 1.4410, but it never materialised.

After the break out below 1.4393 occurred I was still looking to get in with another short entry. Now I wanted to see price come up and test the support turned resistance level at 1.4395. It didn’t happen within the remainder of my trading hour so I had to be happy with my one trade for the day.