Trading Plan – Monday 24th May 2021: I start aggressively with 5 trades
The markets are positive today with equities rising.
I closed my equity long positions and my WTI long on Friday night for a profit. I usually close trades before the weekend for good reasons, but I run the risk of missing out on continuations on Monday. All three of these trades had not shown any real signs of running out of steam and there was a high likelihood they would continue up today. So, slightly aggressively, I place pending long orders on all three as soon as the market opened last night. All have been triggered and all are in the money.
I mentioned on Friday and before that I am getting the direction of price movement correct on USD, EUR and GBP on the weekly chart but am finding it hard to trade on the daily chart due to choppiness. I mentioned maybe trading currencies on the weekly chart. So, on the Sunday open I traded GBPUSD and EURUSD long, entering at market with a big stop loss of 1x weekly ATR. This gives me a stop loss around 4x my usual stop loss when trading on the daily chart. I will hold these trades open all week unless there is a reason to do otherwise. I will get stop loss to breakeven as soon as I can, as always. Risk per trade remains at 1 percent. These trades will not be hugely profitable, if at all, but as a background activity, if they make a half or one percent weekly that would still be well worth doing. It’s an experiment. We’ll see what happens.
That’s it from me. There are brief videos of last week’s trades in the members area.
I’ll be back on Wednesday.
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