260713 Notes on Direction (8/21), trading through S&R, minimum RRR, out of session trades, 252 EMA

P/L: -0.5% / £12  CAP £2610.11

Trades
A. a series of un-trade-able trades because direction (8/21) was extremely narrow and created multiple XO/XD.
B.  LSH (1),  exit D1 R, this was trade-able because direction had expanded and established itself. Add to rules.
1. LSH (-0.5), exit 8SMA. Shouldn't have traded this D1 was so near the IPT was less than 1:1.  The key thing to understand here that a 1:1 RRR is okay on high probability setups,  however less than this is unacceptable due to slippage.
C.  REV to 252 (2),  exit IPT. Example of an out of session trade that worked. You can trade through H1 S&R (it's weak)
Notes:
D. SS (2), out of session trade that worked out, again you can trade through H1 S&R, just don't trade through D1 and W1 levels.
E.  Example of HSL Fault because price had BD 252 but had not PB and touched it!
F. LSH fail (-1).

Notes.

• Direction:  don't trade if conf /trigger uncertain in anyway. Direction is very narrow and XO/XD continuously, wait for Direction to expand before trading. Add to Guide.
• S&R:  Trade through H1 and MA's (50/252), use D1 and W1 S&R as TPO.  never trade if RRR less than 1:1. Add to guide.
• Out of session trades are profitable.
• always wait for a PB/RL after a BO/BD of 252.

Summary:  Personally I struggled today as I was really tired, TBH this is the first week in which I have traded 5 days in a row (the prior 2 weeks were only 4 days for certain reasons). A much better week +£9.88. as opposed to -£179.65 last week, so definitely a solid step in the right direction. I could be far more profitable if I took the out of sessions trades too,  this was probably the biggest factor in my low P/L. I would like to start at 0630GMT and finish at the same time 1530GMT. Learnt some good lessons this week which is what this process is all about.