This has been overdue, I have a few trades I would like to go over and one in particular that was a great learning experience. I will start off with the trade I learned the most from.
Price had entered into a proven support and was also at 1.11500 level. As you can see price and RSI are doing two different things which means its time to look for a reversal candlestick. So I found one and jumped in.....and then nothing happened. So Fridays are different then any other trading day and the reason is after London close the markets are done...they are whisper quiet! As you can see I entered the trade right around London close and the market went sideways. Now one rule I have is never ever leave trades open over the weekend. Why? Anything can happen over the weekend that can affect where price opens on Sunday night. I have no control over where price can/will open on Sunday. So being that there was no trading volume due to the time and that Friday was almost over I pulled my trade for a loss. Learning lesson, do not open trades after London close on Friday.
As you can see price did indeed reverse on Monday and would have hit my tp. So technically this was a trade according to my trade plan. But per my trading rules and now my new "No Trading After London Close on Fridays" rule it was not a valid trade. So this was my best trade I took last week, why? Because I learned a very valuable lesson and it didn't really cost me that much!
So far the account has been growing nicely, even on my FXCM account which has minimal leverage. We are currently up 25% for the month with 7 more trading days left. I will give you an update at the end of the month on how we do.
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