Beginning of the Week psyche

Taking a bit of a profit early in the week is good for the psyche.  I find that I trade much smarter when I do. 

That is the reason why I closed 2 positions that I opened last night for a total of a 16 pip profit.  I missed the European open and gave up an additional 50 pips that I could have made had I closed out these positions then.  I set my alarm for 3:30 am EST but I never woke up.  When I did wake up this morning, the positions had retraced so I took what I could get.  I may have not closed them had the volume been greater.  It was good for my psyche to take the profit and look for a possible setup tonight.

I’m taking pivot points a lot more serious these days.  I’ll comment more on them later but they can be used in place of fibonacci or to complement fibonacci.  I might consider using both. 

Popularity: 2%