Last week I mention that I am going on Holiday this week from trading. Apparently that didn’t happen for Monday today. I was expecting for some less volatility today and volume. But to my amaze I was doing a research on the chart for my next ebook Price Behavior. I went on looking a peek on the Majors primarily the EURUSD and GBPUSD. I notice there is nothing much I could take on EU but GBPUSD clearly was putting money on the table during the London session. Im really sorry but I can’t help it that someone’s money is going to be transferred to my account for 2 common mistake.
1. That Novice trader was long on the GBPUSD at a supply level
2. Buying after price had rally from its origin.
So what I did was after noticing it just a few minutes on London Open, I put a pending order as the odd enhancer was in my favor. Price had been rallying efficiently . Leaving no more buyers as most of the order flow are matched.
50% of my position size close for a 1: 2 RR. Riding the remaining towards it’s final TP demand on the 5 min chart. If the final TP hit, that would make out a 1: 4.5 RR which is good.
Don’t worry about those circle marker, they are just swing high low or Support Resistance. The entire order got filled during NY session.
Tp hit just after 1.5 hr after Ny session open. Now that’s just simply easy money day trading. The in depth understanding price behaviour and price action on Demand and Supply are just simply taking trades into an easy level.
To review what I did there.
1. I followed a planned trade with sound analysis.
2. I followed my strict money management.
3. I was in a positive state of mind when all these of this was in the process.
4. I didn’t anticipate if my trade would always work out or not. But I was at best focusing on my trade management and when to bank in .
5. I did give 110% on the trade to stay focus. Since day trading required split second decision on a change circumstances.
Don’t forget if you haven’t had a grab on my ebook, you can visit here.
Be positive no matter what!