Day 2 of my 100 Trades Journal. Yep, I'm sticking with GBPAUD for the day again 🙂 ...
I wasn't necessarily seeing if I could improve on yesterdays performance but, once again, I was watching the levels and structure of this currency pair and things were looking good (again).
Price was bouncing in a channel of consolidation after a sharp move up of around 125 pips from around 7am to 9am (UK time). That channel was a depth of around 35 pips and similar to yesterday, I waited for price to hit the top of the channel and then placed a sell.
Someone asked me earlier why I didn't take the "buys" from the bottom of the channel as well. The simple answer to that was I was more confident of price coming down than trying to scalp some pips on the upward moves, which might not have reached the top of the channel again. If you get my meaning.
So just by following this method, I ended up placing 12 trades (all "Sells"), capturing 160 pips for the day. This takes my running total on my 100 Trades Journal to 294 pips with 100% win rate.
Actually, I had got to 20 trades and a total of 148 pips and I thought I would leave it there for the day. But then I realised that price had hit a level again and an opportunity to scalp some more pips - so I entered another Sell with a profit target of 12 pips. That closed within 5 minutes and that took me to 160 pips.
And then I had a further internal battle because I then noticed that my running total was at 294 pips. I was tempted to jump in again to round my running total up to 300 pips by capturing 6 pips. But after many seconds of deliberation, I decided to leave it.
Well, to be honest, my wife told me to leave it. (But that was only because I told her to tell me to leave it).
So Day 2 of my 100 Trades Journal is wrapped up with a continued 100% win rate and a decent number of pips.
Let's see what Day 3 brings of the 100 Trades Journal... in a way I'm not looking forward to it because I've not had a loss in 2 days and it must be inevitable that I will get a loss at some point soon. Normally I do get losing trades (not loads I admit) but I would at least close some trades at a loss because I've made more pips from some of the other positions, so it's not that big a hit.
Wish me luck 🙂
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