Weekly Overview #25 – Fantastic Performance & End of Month Breakdown

Hello Traders!

I hope you’ve had a great week.

Mine was excellent & exactly how I want every week to be. Not only did I have an extremely strong focus during the sessions and avoided low probability setups (which saved me from a few losses), I managed to finish with profit this week!

Let me show you.

(Tools I have used this week will be featured at the bottom of the blog – including discounts!)

Live Trading Info

EURUSD

London Session

FTMO funded account start balance = $50,000

Risk per trade = 0.5% of account balance (z)

Take profit target = 3.3x (or 2x) risk per trade (y)

Risk:Reward ratio = z:y

Trading Performance

Monday – 1 win, 1 missed win

Monday’s price action was clear as day to me, super textbook and I could read it very easily. 

Let’s address the elephant in the room first – the missed win.

This was something that was relatively out of my control since, at the weekend, the clocks went forward. 

If you have been following for a while you know that I struggle with early starts even when I’ve had solid preparation the night before, so to have the clocks shift forwards an hour (usual 7am start becomes a 6am start), it was a struggle so I let myself have a 30 min lay-in. 

It’s just really unfortunate that the one time an A+ setup comes around, is the one time I took a lay-in because the clocks just so happen to have shifted forward at the weekend.

Oh well, it is what it is.

However, it’s not all doom and gloom because, as I mentioned above, Monday’s price action was a super text-book day. 

This allowed me to find an aggressive, but solid entry, that resulted in a win.

Key eyed viewers will see below (on my trades executed sheet & equity curve) that the profit is less than usual – $426 compared to the usual ~$750. The reason for this is because this was a different execution model, one with a shorter take profit target of 2R rather than the usual 3.3R.

A step in the right direction!

Tuesday – Avoided a clear low probability trade, saved me from a loss

My focus wasn’t as good today, mainly because I could see (and define using my systematic rules) that we were in low probability conditions.

We were essentially moving in a tight range with no strong POIs being created or mitigated.

An entry did appear from a weak POI but I avoided it due to the reasons above. This saved me from a loss – I had high conviction this would have occurred anyway. 

Wednesday – No trades

Price moved impulsively to the upside, without mitigating an area of value (so we couldn’t be a part of the move). Price then mitigated 4H supply where we consolidated for the rest of the session.

Thursday – Avoided 4 losses

This day sounds scary, the idea that 4 losses could have been the result if I had just taken them all, but in reality, it was actually quite simple to avoid all of them. 

My focus was good and I had a strong bearish bias, this saved me from 3 of the losses since those trades were longs (buys).

The only trade idea that I was interested in was a short (sell) but this was extremely low probability due to lack of liquidity swept and we were coming from an M15 demand. This too was an easy trade to avoid.

Friday – Good Friday (UK bank holiday = no trade day)

Bank holidays tend to have less volatility than normal trading days, so when a bank holiday does roll around, it’s better to not get involved as price doesn’t have much momentum behind it – this makes it harder for entries to form and even harder to play out.

Key Takeaway for the Week

This was one of my best weeks, if not the best, that I’ve done on this funded account. Let me list:

• Great focus
• Perfect pre-session analysis
• Executed a clean high-probability trade idea without any negative emotions
• Avoided clear low probability trade ideas, saving me from further drawdown

Of course there were ‘negatives’ with the late morning that made me miss a win but I am not going to be harsh on myself, that’s just going to happen sometimes. In the grand scheme of things, it’s nothing compared to the positives listed above. 

I’ve just got to keep this level of work ethic up and I’ll get my payout soon enough!

End of Month Breakdown

PnL calendar:

There has not been that many trades this month so not much has really changed since the end of Feb.

However, there has been significant strides of progress for my mental performance and live trading. I wont execute just because a setup has appeared and I will wait for price to be coming from (or in) an area of value before executing anything.

I now just need the essence of time to let things playout. Hopefully, at the end of April there’s a lot less red and more green on the calendar.

—

If you enjoyed this Weekly Overview, please share it by copying the website URL, or by taking a screenshot and sending it to your friends!

As promised, here are the tools I have used this week and a discount code for Magic Keys:

• Magic Keys (for 25% off, use code: MKMETEORTRADINGFX)
• TradingView
• FTMO (funded account challenge)

Check out the Tools page for more info

Thank you for taking the time to read this blog post, it means a lot to me. 

See you next week and happy trading!