ForexSpirit

June already? Doesn’t time just fly.

I did not trade on Monday or Tuesday this week. Monday was Memorial Day and I was visiting family in New Jersey. Highlights of the long weekend included sleeping, barbecuing, sitting in a pool, reading and eating ice cream. I spent a few minutes of mental energy trying to decide if there was anything trading related I should or could do. There wasn’t. I’ve pretty much reached the conclusion that there is very little I can learn by reading or researching on trading related matters. Now it just comes down to practice and execution. That means I get to completely forgot about trading on my days off. Which is what I did.

I could have traded yesterday but I was still away and decided to make the most of my last lie in before driving home. While it meant missing out on the final day of the month to improve my May tally the few days of rest were worth it to recharge my batteries. I’ll probably be taking a full week of vacation later this month which will be welcome indeed.

My equity balance change for the month of May was +2.19%. On the plus side, it’s a positive return for the second month in a row even after two blow out days. On the negative side, it’s not up there near the +10% that I’ve actively aiming for, mainly due to those two blow out days. I hope to comb through the numbers in a bit more detail in a separate post so I’ll leave it there for now.

I didn’t have a strong view on the market this morning. In the end I went with a slightly bearish tone, mainly due to the bear candles from 2:00 to 4:00 EDT.

Bias: short
Conviction: weak

There was 20 minutes of price going nowhere to endure before I got to place my first trade. Price broke south out of the consolidation area. I was looking to see if there would be a pullback up to the bottom of the range before entering. When there wasn’t I got in anyway which accounts for why my entry is 5 pips below the support that broke. I bailed when price hit the round number at 1.4400.

Price continued down and I got in with the green entry short on a move back up to 1.4395 targeting the low at 1.4385.

After exiting the green sequence there was what I viewed as a false breakout below 1.4385. When price moved back up to 1.4390 I got long and held it for a push up to 1.4395.

All three trades worked out well and while I might have managed to grab an extra pip or two with the red or orange sequences I don’t think I fared too bad.