I started my second session today at 11.08am and finished at 12.08am for 0 pips again. So all in all I successfully sat through 1½ hours worth of sessions today without being tempted to trade without the appropriate criteria and me feeling confident getting into a trade.
Whilst sitting through this session, and I think this is one of the reasons that has caused problems for me in the past, I could see that the Cable had moved down through 15 pips (that large wick at the bottom of the 11am candle on the Cable) from my starting datum line and conversely up through 10/11 pips, all during my session of watching – this, at the time made me think that I was missing out on pips – but the crux of the matter is that I didn’t feel confident about any of the moves today and there certainly wasn’t any good correlation and strong momentum – so I almost had to remind myself of these facts out loud in order for it to sink in.
There was however, plenty of jerky uncorrelated moves by the Cable and at one point, the large red 12am candle on the Swissy bolted down with smooth strong momentum whilst the Cable and the Euro did nothing but hold their positions – these and a variety of other moves took place today, but the criteria I need didn’t happen and most importantly, I stayed the hell out of the market.
Now how do I score myself for today as a whole when no trades have been executed – well I’m gonna score myself a 5 out of 10 whenever I stay out of the market from now on - I think that’s reasonable.
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