Made a trade last night which I kinda botched by not setting the stops right. Oh well. Still messing around and still positive, and I should be positive for the week. However I’ll be resetting everything, and starting fresh next week. I said I’d be trading 5k with a 30:1 leverage, but the numbers I’ve been using have actually been for 1k with a 50:1 leverage. So next week I’ll have a slightly more refined 3 exit strategy, with a new spreadsheet on google docs. There’s one I’ve been keeping for this week, but some of the numbers don’t quite add up.
As for findings:
The major currency hours for now (summer and day light savings I suppose are as follows, in PST:
New York: 5am-1pm
The last 2 are of importance and as it turns out, the overlap between 5am and 9am is the best time to trade. The biggest moves seem to be right when I should be asleep, which is.. not so ideal. For today, the GBP/USD pair had a range of over 130 pips between 12am and 9am, whereas from 9am to now (8pm) the range is only about 40. Bigg difference when you’re employing a day trading strategy. These times are important to know, so I’ve written them down on post-its and put them on my wall.
- 365trading posted this