Wednesday 21 August 2013

210813 Wow Nelly (negative)



-1.4%

Trades
A. Trade with trend because trend showing no sign of weakness
B. H1 trending, means I must respect 252EMA and not trade through it.
C. Price breaks down 252EMA cleanly ( no PB what-so-ever), needs to return to 252EMA (missed this, having breakfast)
1. HSL (highest session's low) -0.3,  Faults 1.  shouldn't have traded because of "C" 2. it didn;t actually trigger?! 3. RRR was poor. exit on realizing RRR was less than 1:1.  BUT shouldn't have traded because of "C".
2.  HSL (-0.1),  Fault. exit close above 8SMA. BUT shouldn't have traded because of "C".
3. REV thru 252EMA (-1). exit ISL. I recently changed this exit from close against 8SMA, but this result makes me question why I changed it . 
D. Three losses in a Row =  my quitting point!
E.  Price hits Weekly S and whipsaws.
F. Example of a failed HSL.

Notes:
Okay missing that big move at the beginning of the day was painful. But the 252 was so near it made the RRR whack, so couldn't chance it. Figured price would either bounce off it or BD (break down) and PB (pull back).  No luck with either! Trades 1&2 I simply shouldn't have traded (because price failed to PB to the 252 after the BD so is likely to return to it).
 I had a comment overnight from a scalper I particularly respect.  TBH this threw me for a loop, they basically asked a few questions, which I interpreted as questioning my strategy  but in reality it was a nice comment, they were interested. I miss read it  because I was tired, cranky and pissed off over yesterday. What's interesting is the way it effected my trading,  I doubted my strategy.  Of course this is no one's fault but my own but it's important to mention because now that I'm aware of this trait I know to look out for it and in the future and won't indulge it.  (At the beginning it was quite painful to admit this kind of stuff,  but I came to the realization that this is my trade journal and if I lie on the blog I'm lying to myself and I will never learn from the situations I find myself in).

Summary: I think I was in a funk over missing yesterday's big move and then missing this morning's (un-tradeable) move compounded the exasperation. This is not an excuse, just a note that my psychology (greed) is messing with my discipline at the moment and making me doubt my strategy. In fact the strategy would kept me out of trade 1&2 and  most of the weak moves in the PM. So actually the strategy performed quite well and I didn't. However I did mange my risk well on all trades.

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