Tuesday 26 November 2013

Feel like I'm Being Taunted ;-)

P/L: R -0.7   -£15.11

Price had broken above a DWTL and made a HH and HL = uptrend / looking for longs.
1. was an H1 but after the fact I realised that it was trade-able because it had a PC (polarity change) a Range BOPB (breakout - pullback). So was a 2nd E. 
2. was an H1 so was a low prob long and so I avoided it.
3. was an H2 which I took but exited early after price formed a SS(shooting star) and ticked below it. R -0.3
4. was an H3 which I took but probably shouldn't have as it was in a TTR (tight trading range), however I did trade it in the correct direction. R -0.4


Summary:
Good read.  Spotted all the potential trades in real time.  I managed to place a couple of trades. Both trades at market.  The first one because I didn't have time for a stop order, the second because my platform wouldn't except my stop price (it was too tight). Did spot but didn't give much weight to the TCOS. However this was a mistake because price could not maintain itself above the TC (it closed back below it one bar after it closed above it) so trades 3 and 4 were probably doomed to fail... 
Taunted feeling coming from spotting trades but not taking them because following method (they're not H/L2 2nd entries),  this also happened yesterday (missed a good trade because it was an L1)! I just want to trade every with trend setup provided it's on a PB /RL and the trigger is nearer to the 21EMA than the trend extreme. I'm not going to but so far it would have been more profitable. 

To Do:
Add to method: I can buy/sell any H/L1 that touches prior S/R. as they are 2nd entries.
TCOS break and hold above = trend strength,  break and re establish = trend weakness

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