Cheers up! I think I will take a break today, review charts and concepts.
But I would like to use this space to state that I am frustrated with my trading this and last week.
I had good levels on my charts and a plan but even so, didn't take the action. Instead, I tried to go with some counter trend trades and took some losses. Well I took 35 pips out of euro yesterday but I was chasing price and was against my plan so, I consider it a fail.
It only worked because even my grandmother was buying euros! :-)
Interesting is that the loss didn't hurt me much, because was a "good loss", as I was executing my plan.
What is hurting me a lot is the opportunities I lost! Not only because I saw the price skyrocket without me but because I had a plan to participate in it and... didn't executed.
So, as in any business, execution is crucial. And to execute well, we must have a strategy and tactic action plan in place. Then, the discipline to execute it.
That's why executives(the good ones...) are well paid in the corporate world. Because they are the ones that make ideas turn reality. They are the ones that make up the business. If not, it will be always a great idea... only.
Nice, that's it! I will state my approach here again, to myself, to make me aware of what I have to do day in and day out. Simply, it is like that:
1. look at 4hr and daily charts for market structure(the trend and the limits)
2. find the order book(supply/demand levels) in lower time frames(1hr, 30min and 5min for details)
3. trade in the direction of the 4hr market structure. It is ok to take counter trades but only as scalps
4. be aware of the fundamentals
And please, please, follow it buddy! :-)
Here is a quote that I like:
“Luck” is what will happen when planning meets opportunity
Have a nice day!