P/L: -1.8% / -36.35 CAP £2623.76
Trades:
1. LSH (-0.4), exit close against 8SMA. Good trade bad luck. H1 tf did show weakness.
2. OE REV (-1), exit ISL. Fault, 252EMA (potential exit) was directly below entry price so trade had nowhere to go. This is in the guide but not clearly marked (make it so!)
3. LSH (-0.4), exit close against 8SMA. Good trade bad luck. H1 tf did show weakness.
A. HM (2), is an example of how perseverance and listening to the market pays off.
B: NEW 252 REV (+2), exit IPT. Trigger = lows of last PB to 21EMA, Confimration = cls against trigger lows and 252EMA.
C. LSH (2), out of session.
D. LSH (-0.2), good trade bad luck.
Notes:
Trades 1 &3 were identical. I followed the strategy correctly and they lost. Got worried by looking at the H1 chart seeing weakness but there was no short confirmation and as such these feeling were invalid. The market will always tell you what to do and it was telling you to be long (Trade A proves this!).
Trade 2 I traded as an OE REV however it wasn't as it was already at its 252 (IPT), so was highly unlikely to work. This made me release that..
1. my guide was not clear enough for me to spot this TO DO TIDY GUIDE.
2. there is infact another REV trade (B) going through the 252 TO DO ADD NEW SETUP.
3. The names of my REV trades are confusing. TO DO RENAME SETUPS.
The three REV strategies are.2. there is infact another REV trade (B) going through the 252 TO DO ADD NEW SETUP.
3. The names of my REV trades are confusing. TO DO RENAME SETUPS.
1. REV to 252 = price is OE from MA's, trade back into LT mean.
2. REV to S/R = price is at LT mean, trade back into S/R.
3. REV through 252 = LT direction is changing, trade a break through it.
Trade B is an example of the setup I should have been looking for on trade 2 (2 didn't confirm though).
H1 S&R = where price has had polarity changes ADD TO GUIDE
H1 strategy: ADD TO GUIDE
Direction 8/21EMA, 8 abv long, 8 below short.
Trend trades : LSH /HSL, confirmation must close with 8SMA
Reversal, price close against both 8+21MA in one session.
Exits: ISL: confirmation hi/lo IPT: 1:2TSL: track lows (highs) of new highs (lows).cls ag 8SMA, new trade.
Summary: 3 losses in a row = Quit. My personal success was actually quite good despite me thinking otherwise at the start of this process. The main loss of today (2) was mainly due to my guide being unclear, which is ultimately my fault as I wrote it. But it certainly wasn't my lack of following the plan, it was my inability to follow it correctly as the information was not clear. Another thing I have been able to do today is identify a new trade and develop a basic H1 strategy. Despite this being negative on my P/L, quite a positive day.
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