Patience

Today marks the second day in a row that no trades were taken. Now, yesterday was only a partial day since I took most of the day off to celebrate Veteran's Day. However, it is still important to note this lack of trading activity? Have the markets been stagnant? No, I've just been much more selective about my trading plan for the past 2 days. I've decided that my string of recent losses reflects an incomplete understanding of what I was specifically looking for so the best idea seemed to be to slow everything way down and focus on one specific trade setup on one time frame. With the help of Mack from the Bluepoint trading stream the one hour chart has become my new best friend and I'm only looking for reversal candles that are the color of the direction I would be trading (red for a topping or green for a bottoming reversal). There have been a couple opportunities for this, most notably in the euro and aud yesterday morning, but I wasn't completely comfortable with either setup so no trade was initiated. Hindsight being 20/20 the euro trade would have been stopped out and the aud trade would have gone to my take profit point for a successful trade. Not taking these trades was a success in and of itself because the ability to walk away from a potential trade had escaped me over the recent weeks which I believe has contributed significantly to my recent drawdown. What tomorrow holds I do not know but my goal will be the same as it has been over the past 2 days, to only take trades with this specific setup. Once this becomes a habit I plan to slowly introduce other trades or time frames, but to remain patient and only take whatever setups I am committed to for that day.