Unlike Bob Geldof (Those too young to remember he was in a group called the boomtown rats with a song called I don't like Mondays) I do like Mondays.
It does go against the grain for forex trading as all the books I have read suggest this is not a good day to trade. In reviewing my Monday trades it has proved by far my most successful trading day.
Forex Breakout on pound dollar started moving early this morning and I was tempted to get in. I waited and noticed a drop in the candles around 6.50. This followed the earlier drop of the hour. It was heading towards the S1 pivot at a rapid amount of knots and I got in at 16491.7.
10 Min's later I was out of the trade with with 23 pips just below S2 pivot at 16468.8. I talked of resetting limit to 20 on Friday and forgot this morning. But had it in mind to get out with 20 pips!
As normal with trading I would have been taken out mechanically with 30 pips if I had waited another 2 mins. That's trading and 23 pips is a Nice start to the week!
FTSE
Still not playing this strategy too much at the moment, it yielded 20 pips this morning but charts looked strange and there was far too many pivots for my liking. Ftse does not play ball when they are close like that in my experience.
So naturally it broke the rules and gave 20 pips in 15 Min's....Interesting morning :)
The name of the game is 60 pips up this week....That's the target! So 40 pips to go....
To Your Trading Success!
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