07/15 - No trade Today - Patience well tested

To stay 3 hours watching the charts, observing price action and not taking any trade is a challenge by itself. I stuck to my guns and since no clear set-up showed up, I didn't enter any trade. Sure, one could have traded a different strategy (fading tops and bottoms for instance), but since I have not traded those strategies before, I was hesitant to start them now..

The AUD/USD and USD/CAD were trending Today, but I was not focused on those two pairs. Couldn't get my head wrapped around taking trending set-ups with the EUR/USD and GBP/USD so choppy. As I reflect upon this after a few hours from my trading session, and after reading Brett's recent post about Mindfulness and Mindlessness in Trading, I realize that it wasn't such a bad idea to focus on the pairs I trade more often.

Think about it, I'm sure there were great missed trades on the AUD/USD and USD/CAD, however, I was not tracking these pairs closely. I track and trade the EUR/USD and GBP/USD a lot more. So, there were also "traps" in the trending environment, if I wasn't focused, I would be running the risk of taking a few of these traps instead of the good trades on the AUD and CAD pairs.

All that being said, here is a picture of the EUR/USD pair: Notice how choppy the environment was and how tight the range was.. I could not find a good entry with a decent price target. Instead of chasing trades, I kept my focus on the pairs I trade and ended up not trading Today. Well, better than to over-trade like I did early on my trading life.