Wednesday 24 July 2013

240713 update triggers from each PB/RL and respect D1 and W1 S&R as PT's




P/L: 0% / -£2.04  CAP £2660.11

Trades:
A. OE REV (+1), I avoided because I was uncertain of the trigger. I think this was actually due to lack of prep,  I should have marked the high's of the most extreme session of the last  RL to 21EMA. Add to Guide. Also I doubted was unsure of the potential PT (despite my guide saying D1/W1 S/R).
1. OE REV (+0.4), exit TSL. could have and should have taken profit at 252EMA, this is in my rules,  however with the H1 session closing below it's 21EMA it seemed reasonably to hold for a lower price, No follow strategy
2. 252REV (-0.4). exit close against 8SMA. Could argue this was a bit much to ask from price, but TBH, price had been surprising me all day and this REV setup often surprises me from it's strength,  so I guess this was just bad luck.

Notes:
Maybe once up 2% in a session, quit and start at the next.

Summary:
One key thing of today was my unwillingness to follow my guide when trading REV trades, particularly their PT's. In some respects I think this is because I am so used to using a 1:2 that despite my guiding telling me not to I had some internal conflict. However I was lucky and didn't really lose much from this error, and can see plainly with my eyes I must respect the guide. I also learnt that I need to keep updating the potential triggers at each PB/RL as this lack of prep resulted in me missing the first trade (A) of the day. 

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