Trading-Mentality

Ever wonder if you should move your stop loss to break even? Or how to even evaluate the efficiency of your strategy? Is it enough if your historical trading statistics point to positive expectancy? This is where one of my favorite free tools come in.

An uneventful, maybe even a slightly boring, week. A couple of my trades ended up reverting back to break-even, which I closed, due to the Fed's hawkish stance at the Jackson Hole symposium on Friday. I immediately observed this on my EURUSD trade and a few others.

Focusing on the 1-hour and 4-hour timeframes over the past few weeks have been uneventful. In addition to the lower summer volatility, trend momentum signals also have not played out for me. As a result, I scratched quite a few trades as well as having a few hit my stop loss.

The week ending July 31st was tough. Price action was very unpredictable, which resulted in several stop losses and manual exits at a loss. From a strategy standpoint, I don't think there were any issues with the trade entries.

I don't have many trades to recap this week. There is one trade that I've held throughout this entire week and I am still holding through this weekend's close. I also entered one new trade, which is currently not showing much momentum.

In my previous post , I shared my theory to multiple timeframe analysis. Practicing what I preach is a lot harder to do, but I am trying. I took a couple of trades where momentum remained insignificant so I exited accordingly. However, this week's recap will focus on two key trades.

I have been developing my own theory to multiple timeframe analysis (MTA). MTA is almost the equivalent of a buzzword that every trading Youtuber "guru" likes to mention. However, I feel few get it right.