P/L: -1% / £24.44 CAP: £2438.04
Trades:
A. H1 ranging
B. trade with trend freely as price has PB to 252EMA
C. LSH (buy on PB on close above lowest session's high), untradeable because MN R over heard so RRR less than 1:1
D. Setup resembling a REV to S, however missing the PB to 252.
1. LSH (-1), traded confirmation through MN R with an aim of trading into 252EMA. Exit ISL (initial stop loss).
E. LSH couldn't trade because it BO 252EMA
F. REV to S I didn't trade because MN S just below. thinking of revising this.
G. HSL, missed exit close ag 8SMA
H. REV to 252 variation ( close against prior RL high + H1 S/R.
Summary:
God I'm stuck at the moment. I think this might have something to do with adding more and more S&R levels and fearing trading through them. Taking tmrw off trading strategy to view the past weeks trading and delve deeper. Strategy not really working, neither am I. Don't know if this is because of additions to my guide or because August is slow, work tomorrow will shed some light on it. It might be as easy as reverting to an older version of my guide or as simple as the strategy is going through a draw down. But at the moment I'm unsure which it is so feel it's best to stop momentarily and look into it. Also fits nicely into UK bank holiday this coming Monday. So I can have tmrw off and although working it will be at a slower pace so will have a 4 day weekend which is probably a good thing as I've wound myself up tighter than a ducks arse and a little R&R and perspective will probably be a good thing.
sometimes it's good to take a few days off and read books / psychology / van thorp / etc. :)
ReplyDeleteI only add s&r from 1d/1w/1m, (Note the 4h is my trading timeframe) otherwise I get the same thing, and opportunities start looking bleak, only 1:2 or 1:3 risk reward max, and therefore not worth my time. X_X
Is your trading plan simple enough? How many indicators / ideas do you use?
right now I use 3 EMA cross, ADX, MACD and USDX intermarket analysis, 4 "degrees of freedom".
Anymore than that and trading becomes too complex. IMO.
Hi sKratch, thanks so much for the encouragement, and sharing your method. Really kind of you!
DeleteI use the same S&R levels and RRR's and for indicators I only use 4 MA's. As you say any more is just too complex (at one point i was thinking of going naked but it was too sparse for me, I need something as a point of reference).
I'm just about to post my "breakdown" results, sort of had it finished on Friday but just wanted to go through it some more. It was all me, I was getting frustrated and greedy, the strategy was working fine. haha. C'est la vie!
Hope you had a good weekend. See you in the week!