Welcome to another forex trading recap! I’ll admit, Mondays aren’t usually the best of trading days but today wasn’t bad at all. The market started to move quite well early in the European session and really kept it up all morning. The action today was very typical of what we used to see in the European morning all the time where price would move from point to point seeking to fill orders on the dealers’ books before reversing hard as the last-minute traders got trapped trading the wrong way. Europe doesn’t follow that script as often any more but it still happens quite a bit and we need to be prepared with a trading approach that is adaptable and can go with the flow of current market conditions.
That’s really what our methodology is all about. We don’t want to just focus on trading trends, ranges or taking counter-trend trades as not every day will follow the same routine and it will be difficult to be consistent. The best way to deal with this is by still having a discretionary element in your trading while being as rule-based as possible so that you can quickly adapt your approach when the market suggests to do so. Easier said than done, of course, but with a tested methodology, some patience, and a bit of experience and effort you can definitely fulfill those conditions and move towards extremely consistent trading on a daily basis.
Check out the video below to see how we traded things today including all the wins, a break-even, and (as always) the losses too:
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