No Trade Day

Yesterday, I called the GBPUSD bearish breakout successfully and earned a further 37 pips bringing the total pip count up to 154 pips in 2 days!

GBPUSD
Entry             @ 1.6760
Take Profit    @ 1.6723
+ 37 pips

Today was a no trade day. Breakouts did occur, however my filters kept me out of the markets. When trading breakouts, extraordinary patience, focus and rigid discipline is essential. It's not easy seeing the markets moving many pips and not being in on the action. Tomorrow is another day. For me, the aim of the game is to stay in the game... I would rather be out of the market wishing I were in, than be in the market wishing I were out! My trading plan is designed to keep me out of the markets as I only target high probability trades.

Already, by blogging I have realised one great benefit. Blogging by default helps me to review my trades. One area of weakness so far is taking profits too early. I do make good pips consistently, however, I leave too many pips on the table. I have always held the view that I would rather have sure pips than unsure pips. This is a work in progress. Comments are welcome. Happy trading!

NB. I will post live trade setups tomorrow and show stop loss and profit targets.