Wednesday, 31 July 2013

310713 1. 21 exit when not in profit, 2. 8 exit when in profit. 3. trading weakness 4. 252 weakness in range




P/L: -0.2 / -£6.46  CAP£2603.24

Trades:
A. Trend Weakness FTMNL - ATMNH =  Wait for trend to develop...
B.  BD of UWTL (+2) after trend Weakness.
1. REV thru 252 (-0.2),  exit 8SMA. Fault used close against 8SMA instead of close against 21EMA,  see below.
C.  REV to 252 (+0.7) ,  exit close ag 8SMA, trade-able because H1 ranging so 252 weak.
D. REV thru 252 (+0.6),  exit cls ag 8SMA, a little difficult to spot with such huge confirmation.

Notes:
Noticed that on Trade 1 had I used cls ag 21EMA as exit I would havbe held this trade into profit.  went back over all trades to date and can confirm that when price has not closed above confirmation it is is more profitable or makes little or no difference to use the 21EMA instead of the 8SMA as early exit... Once the trade has closed above confirmation then you should revert to using the 8 as your exit signal.
When not in profit exit if price closes against 21EMA Add to Guide
When in profit exit when price closes against 8SMA Add to guide
When does trend reset from weakness to strength?? When trend weakens look for CTT and draw a trendline agaisnt trend , enter if  trendline is broken,  this also signals the trend is restablished.  OR trade REV trade which confirms trend change. Add to Guide
BO/BD trade occurs after trend weakness and must touch 50SMA,  conf =  Cls blw TL and 8SMA. Add to Guide
When H1 is ranging, the 252EMA (21 EMA) will be weak so you should be able to trade through it  with out much worry. Add to guide

Summary:  Personally a shit performance today.  I hate saying it but am so tired, I feel like I'm wimping out. By 11am  (5hours) I just didn't care whether the market moved or not. The week definitely had a tough start to it (external problems/ stress/chores) which have worn me out a quite a bit,  but these are still long days and I need to figure out a way of trading them with a little more respite so I can still function.  I need 8 hours sleep (in bed by 10pm), I need  fresh air and a break at least twice during the day,   the best time to takes breaks is when you're not in a trade and price is OE as you need to wait for a PB/RL for any setup to be viable.   and I think audio alerts  should help too. Strategy performed well which is good news, shame about the execution!

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