Wednesday 14 August 2013

140813 1. Slow but Good day ( Guide prevailed) 2. add MN S&R + D1 21EMA



P/L: -0.4% / -£10.83 CAP £2505.19

Trades:
A.  Price needed to RL to 252EMA
B. LSH, that didn't meet my criteria as confirmation crossed over 252EMA (BO)
1.  REV to S (-0.4), exit close against 8SMA,  fault ,  price had BD 252 (without a RL) should have waited for the RL before trading. So this trade was void. The only trade you can trade the XO/XD of the 252 is the REV thru 252. Add to guide.
C.  Constant XO/XD of 252EMA =  no trades due to waiting for PB/RL/trend to develop
D. Price again needed to RL to 252EMA
E.  LSH couldn't trade because confirmation was XO of 252.

Notes:
1. Trade 1: Don't trade if Price has XO/XD 252EMA without a RL/PB except on REV thru 252 Add to Guide
2. My analysis improved dramatically as I have finally accepted that the guide is king.  There's no "ifs and buts",  it's black and white.  If the guide says trade - trade, if the guide says wait - wait. It has also taken a huge amount of pressure off me as I no longer feel responsible to create trades.  The guide creates trades,  my only job during the trading day is to follow the guide. Add to Guide
3. Spotted an H1 setup (HSL) on drilling out for a wider view following such a choppy M5 morning. But on checking to see what kind of S&R factors there could be discovered W1 S and D1 21EMA below it which nullified the would be trade as the RRR was less than 1:1. Place W1 and MN S&R D1, place MN,W1,D1 S&R and D1 21EMA (H1 504EMA) on H1 chart. Add to guide

4. H1. LSH and HSL trigger must PB/RL and touch 21EMA,  conf close w 8SMA and hi's/lo's. Add to Guide.

Summary: Despite a loss I'm really happy with today.  Listless choppy day and my guide kept me out of all of it, only one mistake trading on a BD (break-down) of 252.  But this was not in my rules regarding REV trades, so even this can be forgiven (and has now been updated). Happy with my efforts and discipline following plan, happy with effectiveness of guide. 

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