Whipsaw and tail spin

After bringing the account back into profit - today has to go down as a bad day in the office - will need to do much better and more disciplined - will get an early night tonight and start the rebuild process.

Steady Progress

Hiya, After having a great weekend , with plenty food, drink and rest, I was truly glad to be back at work and in front of the charts for another trading week doing what I love to do, after finishing last week with such great momentum and back to my better form - I was truly looking to carry this into this week.

As we had a very busy end of week last week as it was NFP friday, the proceeding mondays tend to be slower and much more choppy in price action, today was surely about being patient and discipined and I did manage to pull a few pips out of the market, even in a choppy trecherous market place - I both bought and sold the same pair in the same session realising a profit. So all in a very good close for Monday and now am 1 or 2 tades away from being back into profit - Am considering waking up extra early and seeing what the Asian session has to offer - sometimes there are some lovely trending moves but normally the market is asleep during the Asian session and only has range bound prices. Feeling good and feeling great.

Patience + Discipline = Success

Today was a day to tread with caution and discipline, we had all the hall marks of conditions ripe for losing money,

1.It was April First (Some say its an omen)
2.A new month so alot of unwinding of posistions by large institutions causing violent fluctuations in prices.
3.It was NFP Day - the largest news event in the Forex Calander.

With all these factors to be mindful of I approached the session with caution and spent the morning just observing price action, I did manage to pull a trade early on as the market had came to a level where entry was right, I grabbed a few pips on the Euro as it recceded to a great level to enter - the risk was well measured and trade was a high probabilty outcome.

After London had come online around 8AM GMT prices constatntly were undecided and jittery, this is common for NFP - which takes place around 1:30PM GMT for the US open.

After the jitters are over prices tend to stagnate in readiness for the High energy that would surely follow at 1:30PM - it was now Aprox 11AM and I wasnt prepared to commit to any posistions in a stagnant market, so I went to bed to grab a power nap and set my Alarm for 1:15pm for a fresh clear mind for the NFP Fest.

After my nap - I returned to my PC - I already had an idea of how I was going to play the NFP - my bias was to buy the USDCHF buy The UJ and also buy EJ ( EuroYen) on the basis that the US jobs numbers were better than expected- As the annoucement came out - my initial assesment was correct - USDCHF was up UJ went up, while the GU and EU also AU ( aussie vs dollar) all were heading violently down.

Now because my mind was clear and I was in my zone I wasnt going to chase this market - as I did earlier in the week - when I tried to jump onto a moving bus only to be dragged down the road holding on for dear life, instead I took the approach that all successful traders do and wait for the market to come to them, Which I indeed did with great precision. I took a counter trend Sell trade on a violent moving USDCHF - I did get the confirmation to go short and that was a nice gain of just over 32 pips.

Because I have been trading with dicipline and following my rules, I decided to treat myself to a tub of  Hagen Dazs Ice cream - As an incentive to carry on in this great flow of form - the account now is just a few trades away from being in profit again, and I am looking forward to another trading week.  The disasterous midweek madness is well and truly put to bed and I have to give thanks and gratitude for the speedy recovery over the last couple of days.