You have probably heard time and time again that you have to be patient when trading, yet most people do the complete opposite! It’s an inexperienced traders biggest downfall quite often as they over trade constantly. Anyone that has followed me for a while and knows my trading style will realise i am predominately a shorter term trader with most trades running for just a few hours, yet i don’t actually take that many trades each month. I am extremely selective with what i get in to and last week shows that perfectly as i didn’t take a single position! Quite simply there wasn’t anything the i liked enough to get in to and today that patience was reward.
The first trading day of the new week presented the setup i had been looking for following the consolidation during the asian session on CAD/JPY. The bullish pressure was squeezing price as shown by the ascending triangle pattern we had and the breakout formed perfectly with the candle close above at the start of the London session. The break came inline with the Daily directional bias and sure enough i dived straight in. Price began to rip and i kept to my trading rules by trimming some profit on the way and trailing my SL to let the trade run its course and maximise the profits. In total i managed to bank a nice +2.4% by lunchtime and gave me just the start i was looking for in the final week of June. Hopefully we get some more of the same over the rest of the week!