Tuesday 10 December 2013

Problems Started with a Discretionary Exit

P/L: £-14.57    R -0.7    

Initially a series of LHs gave me a bias to the short side...

1. TLB /HH =  bias turns to long,  waiting for a PB entry.
2. Failed L1 long. R + 0.1 ( should have held what's the difference between +0.1% gain and -0.1% TSL loss really?!) Good trade
3. PB Long,  terrible entry because signal bar was a massive doji/Hi wave showing indecision, poor trade.  R - 0.8
4. TLB = bias turn to short
5. RL Short, missed, had lost concentration and having breakfast good trade.


OBSERVATION
their will likely be 2 legs of any move, ( 2 with trend,  one counter). When the 2nd w trend TL breaks this is the higher and earliest probablity CTT.

SUMMARY
Another good read.
Fault1.  should have held first trade,  with TSL, discretionary exit!
Fault2. Entering at bar 3 , despite direction being correct you can't use a hi wave candle as an entry because it is essentially a wide range =  indecision. using a hi wave candle as a trigger!
Fault3. Failed to take Bar 5 trade but this was because I stopped labeling the chart with my read notes. which meant i lost my way. Failed to continue writing read notes on chart!

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