I wasn’t going to trade today, as I don’t typically trade on Fridays. But I’ve been toying with the idea in my head of trying to take a day-trade or 2 on Fridays, with the assumption that traders are trying to make a bit more money before going in to the weekend.
I, essentially, flipped a coin, and determined I’d give it a shot. Instead of going through a full RSW, I simply looked through my list of low-spread pairs and USD/CAD ended up being my favorite. I also want to mention before I get too far ahead of myself that this all happened before the market opened.
Entry
On the 5 minute chart, Dollar-Cad had stalled near a pretty strong resistance area, and was pulling back. It looked like a good bull-pullback to my eye. I zoomed out to a higher time-frame chart, and saw a good amount of clear room between the current resistance area and the next, so I used that next key area as my target.
I went back to the 5 min. chart to find an entry and a stop — and when I did, my R:R was exactly 2. As I was running the numbers and looking at the chart, trying to figure out if I wanted to do it or not, price started pushing up, so I sent out the order (maybe some FOMO kicked in there) which triggered right away.
Exit
With it being a trade on the 5 min. chart, I didn’t wait for price to reach 1R to move my stop to break even. I did so on the first strong push up above that resistance area. And, fortunately for me, price remained strong. I dropped down to the 1 minute chart to follow the SAR there, but it wasn’t necessary as price pushed up and hit my target, triggering my exit for a nice 8 pip win!
Despite winning this trade, a part of me feels like it was more luck than anything. I don’t know… Price wasn’t extended, it was trending up, I saw a definite pattern and made sure my R:R was at least 2, so I can’t see any glaring mistakes; I just feel like I haven’t had much success day-trading in the past, so this one working out doesn’t exactly feel like a win within my parameters.
When I look at the facts, though, it was, and as I’ve been going through my past trades, I’m realizing that my performance day-trading hasn’t actually been that bad. I need to give myself the credit I deserve here, and move forward with confidence.
I still plan to swing trade more than I day-trade, but maybe I will continue to look for daily opportunities on Friday’s leading in to the weekend. This was a win and I’m happy. Just keep swimming!
Thanks for reading! Do you trade on Friday’s? If so, let me know what your strategy is in the comments below. And stay tuned for more Forex market analysis and Forex trades.