Week of June 6th – June 12th, 2021
Results: 121.5 pips gained this week (goal achieved)
Lesson(s): While we’ve surpassed our goal for the week, areas of improvement were recognized. One main thing:
- Reducing Draw Downs: On Wednesday, 6/09/21, our long entry on GBP/USD at 1.41115 produced a drawdown of 39.2 pips before our reaching our exit at 1.41628, producing 51.3 pips. Not bad, overall, but had we waited until the end of the Asian session instead of the beginning, the draw down would have been minimal, approximately 5-15 pips.
Trade Results: 6.4 – 8.0 + 1.9 – 2.6 +7.9 – 0.4 +10.5 + 11.2 – 27.4 + 62.5 + 51.3 + 3.0
As you can see above this week 12 trades were taken, that’s 11 less than last week. Our goal is to take fewer than 3 trades each week that collectively yield at least 50 pips. The secondary requirement is for the 50+ pips to meet our revenue goal for the week.
Thursday offered us our ideal entry, I’m sure you see a pattern here… We placed a buy limit order at 1.4100 and a sell stop order to exit at 1.41776. There was a 27.4 pip drawdown, which we realized was a probability and deemed it an acceptable ‘risk’. The trade ultimately reached our target at the end of NY session, however, we exited at 1.41625 just after 12:20pm EST, 14 pips below our initial stop order.
Next Steps: We’re continuing to use the 4hr, 1hr and 10min TFs to monitor our progress, we’re noticing a strong difference in our pip accumulation and accuracy. The goal was for this to improve our patience and boost certainty, it’s definitely done both, and more.