Friday 13 December 2013

Focus on HLs and LHs and S&R (not TLs)

P/L £-8.40      R-0.4

1. TLB of UWTL  =  looking for Shorts,  this was incorrect  as price PB to the prior HL but did not break it.  The fact is broken/unbroken HLs in uptrends and LHs in downtrends are the best trend indicator.  Just like yesterdays action.
2. Had I concentrated solely on the strong prior HL I would have got long at 2 a PB to it. Price entered BW so just needed to sit this out until some clearer action came along. good trade
3. Not actually BW as none were doji, it was the 3 overlapping hi wave bars that made me fearful...  however none of them were doji so not actually BW.
4.  real BW so waited out...
5.  LL bias changes to Short,  looking for a RL entry
6. L1 short. stopped out on TSL ,  good trade Trailed SL too quick (fuck!) R-0.4


SUMMARY
Positive:  eventually got on track watching HLs / LHs and most recent horizontal S&R  (from the HLs/LHs).  Did see and could honestly have traded 2 had I not been TL obsessed.
Negatives:  had a real bias for trendlines at the beginning of the day that threw me off.  I could have traded 2 long! Also Trailed SL too quick on 6!

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