Weekend summary 29 June to 3 July

The beginning of the week started as a disaster. I have lost a peak of US$1475.50 on Monday due to poor discipline. Tuesday was no better due to the jitters I had from Monday's loss. Wednesday saw the return of my form and Thursday to top it off had the trade of the week with of 0.25pt risk for a 9.00pt gain on ES.

As usual, TF trades was performing better than ES. Fast in Fast out. If it continues doing well, I might try 4 contracts for August.

The nett gain this week US$561.10. Still walk away with profit after that disastrous start on Monday.

The girls forex fund gained US$3.00 with a trade on 1 July. This is a very conservative management of 2% risk factor. Beats putting it in a bank and seeing the money rot with annual interest of 0.25% against a supposed inflation rate of 6%.

I'll try my method for 6E(EUR-USD) on SIM for July. 2 time slots, 3am EST for Euro open, 8am for NY open. I want to reduce my time in the market. One of my long term objectives, maximum gain with minimal time. Time is the only resource that cannot be replenished though I still like ES for the adrenaline it gives.

If it goes well, I might ditch ES. I will not have an argument with my wallet.

I will go long on Monday if the situation permits. 884.25 was the last swing low. If that is breeched; 877.00 is next support. This whole up leg from 9 March might be just a giant Wave 1 count.

I'll end this post with 2 charts. The 88.6% retrace struck again. Seems like we will see more of this in the future.


Lessons for this week.
1. Keep to the plan
2. Trade of the week on Thursday, get more of those next time.
3. If it works, use it. If it doesn't, throw it.
4. Pay more attention to the 88.6% retrace.