"Someone has a case of the Mondays" (click above for larger image)
Hello Traders,
Here is another Monday trade that closed tonight. Just like last week’s trade, it was a little stressful. GBPCHF first took me into 4 of my limit orders then moved sharply away. It then proceeded to creep back up and felt like forever before it hit my target.
I was really tempted to close it out when I was up 5% on the account but price action looked like it was going to continue so I stayed in the trade and ended up making 10.7% on the the account. Price actually continued up a little further but I am glad to bag the profit.
If you just tuned in, the Monday trade is done in the GBPCHF and I target the new weekly pivot as soon as Monday starts. This week I opened 26 lots, stacking limit orders from 6440 to 6490 with a take profit at 6495 for a total of +613 pips.
There is one thing that I learned this week,
if there is enough space between the current price and the closest pivot, it is much safer to go for the nearest pivot. As you can see in this case, the yellow line is the daily central pivot and the dark blue line is the weekly central pivot. If I had targeted 20 pips below the daily pivot, it would have hit in the same day. This would have less profitable, but would have involved much less risk.
I would much rather give up some profit in exchange for less risk. Just something to keep in mind going forward. Again, this strategy is very risky and you should only try it after extensive backtesting. I like Mondays.
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Hi I’m from Japan.
Your blog is very interesting
Could you tell me rule of Monday Accelerator Trade?
I know Rob booker and some rules,like 2 trendy,but I could not find it in Japanese.
Thank you!
Hi Sara,
Thanks for visiting and for the kind words! Yes, I will put the rules of the Monday Accelerator Trade up and hopefully do a video too. I’m not sure if I can put it in Japanese, but I will see what I can do.
Thanks again,
Hugh