As a day trader you MUST evolve. The best way to doing this is by doing weekly journals / reviews. In as much as they may seem useless and annoying, they help steer oneself into consistency. Especially if you treat this as a Job.
Anyway, this is how my trading week began.
I always camp where i make the MOST (yes in caps). GBPUSD for those of us who trade in the futures market, (6B)
Monday Oct 7th and Tuesday 8th.
Very few set ups, but happily closed the days in green.
Wednesday 9th Oct 19
Wednesdays is always a commodities day for me. I will have a look at CL (Crude) and GC (Gold). Terrible day at my desk. Struggled to stay positive. Couldn’t delve into Crude given my exposure on GC. Rule based trading requires me to flatten when conditions are met. Did just that on the pullback on XAU. Here’s how my Wednesday ended. A bit gutted. Live to fight another day 😦
Thursday 10th Oct 2019
On this day, I was a bit pensive given the German Bank Holiday. Not many set ups because of the thin liquidity. Few scalps earlier on London Open, then left my desk in the afternoon.
Friday 11th Oct 2019
This sums up my weekly review. What a day! Reason is simple. The whip saws that happened about 1.5 hours into London Open. Maaaaaaaad!
What looked like a fruitful trade could have easily turned into a looser had i not followed my day trading rules. Check this out …
Here, i’m comfortably in the green, I got the trade spot on, time it to perfection. But we all know what the market brings. Quick gains can easily get wiped off, esp if prudent risk and money management is now observed. See what happened ….
BooooooooM! what looked like a seemingly profitable trade, would have chopped me clean through. A few %’s. I have my trading rules cast to stone. I am thankful. Survived. Could have delayed and got smashed. It happens, this is FX. No one is invincible. Got lucky there i must say.
Remember, Order flow rule based trading states … “Trade what you see”. I still got back in it and nailed it. If you see the drop (above screenshot), I got a long signal/set up almost at the bottom. I was like why not! … Took it and got some +29 pips. What a week! I’m thrilled, Gold was a little caggy, but GBPUSD aka 6B futures really made my week.
Humbled to share this Weekly review, more so this exciting day (Friday 12th Oct 2019) with you all. What a day! GBP just smashed 5/6 month highs this afternoon. We Orderflow day traders thrive on volatility. I will do a more comprehensive post on volatility and liquidity, but in the meantime enjoy your weekend good friends stays safe & be very happy always 🙂 Cheers!