Week of March 28th – April 3rd, 2021
Results: 64.9 pips gained this week (goal achieved)
Lessons: Using the 4hr TF makes 100% the difference.
It’s imperative you find a strategy that works well for you and your temperament. I’ve consistently seen good results from looking at the chart on a 4hr TF, just before the NY open and entered the trade based on the location of price. I didn’t need to rely on my technical analysis because the setup was staring me right in the face. I traded twice this week.
Went long on GBP/USD: Entered 1.37611 –> Exited 1.38048 for 43.7 pips
Second traded long on GBP/USD: Entered 1.37676 –> Exited 1.37888 for 21.2 pips
Overall, I could have stayed in the second trade longer, but knowing less than 20 pips were needed to reach my goal, and limited my exposure to the market place (and wanting to get on with my day!) I set my take profit 21.2 pips away from my entry.
Next Steps: Continue with using 4hr TF exclusively to monitor progress of trades instead of lower TFs in order to remain in trades longer.
[…] 9-to-5s in front of the charts. There’s something strange that happens, as mentioned in the previous post, when the world stops, the forex Gods shine upon you and hand you an ideal trade setting up… […]
Tim that’s exactly right. Glad you’ve noticed the same thing! We wish you well on your trading journey!