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I wanted to post this Friday recap for you guys because I had posted the Monday one for your earlier in the week. Mondays and Fridays tend to be the most difficult days of the week to trade. This isn't always the case but I know a lot of experienced traders who find one or both days quite frustrating. In fact, I even know a couple traders who never trade them, instead preferring to focus all their efforts on Tuesday thru Thursday.
While I think it's nice to take a long weekend sometimes and skip one of these days, it's still important that you are able to approach Mondays and Fridays with the same confident approach and do well consistently if you trade them.
As you can see this Friday was traded no different than any other day. While it didn't provide as many Elite Range Bar System trading opportunities overall as a typical day, the ones it did provide turned out to have excellent risk/reward. It can take a bit of patience for these setups to present themselves (which will test your mental endurance) but if you remain focused the market will usually oblige with a good opportunity or two to make it worthwhile.
Jesse Livermore once said it was his sitting that made him his money. While he was referring more to holding trades for a very long period of time, the sitting while waiting for the right setup is just as important. Developing patience as a trader can take some time but each day you sit at your screens you should improve, and eventually waiting for that right trade becomes more of a habit than anything else.
To see the +59 pips that were taken with The Elite Range Bar System today, check out the video below:
To see the +59 pips that were taken with The Elite Range Bar System today, check out the video below:
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