Thursday, 12 December 2013

Stopped Prepping Action. Mistakes Took Over!

P/L: £-14.70   R -0.67

DWTL TLB + HH =  looking for a long entry on a PB

1. H1 long, into 1.38 but worth a scalp, got slipped nasty on Entry. Exit TSL. Good trade. R-0.23
2. Saw the M top at 1.38,  guess this was the best trade, but didn't have a TL break to confirm it. Need to consider that a trend change has occurred on Ms (HH-LH) and Ws LL-HL). Good Trade
TLB =  bias turns short,  waiting for RL entry.
3. Was thinking of getting short here when price took out the long SLs at bar 0.
4. L1,  not a great trade as signal bar was a massive doji,  exit on TLB bad trade. R -0.44
Price had entered BarbWire with 3 + large bars overlapping. BUT HAD FAILED TO LABEL THIS. HAD I DONE SO I WOULD HAVE WAITED FOR MORE ACTION TO UNFOLD. USING THE LHs AS MY GUIDE TO STAY SHORT.
DWTLs ? were difficult to draw after BW, I must look to the LHs / HLs for direction when this occurs. They would have kept me on track.



SUMMARY
Positive: Good Prep,  Patience and Discipline in the early up move. Unlucky with first trade.  Slow to react off M top but as this wasn't in my rules I traded it correctly (although I will make a change)
Negative: Got lazy in the down move with poor Prep (not labelling LHs and BW!) Patience (to wait out the BW).  But the problem started with PREP! had I ID'd the BW and continued to label the LHs I would have known the that 4 was untradeable , had known the trend remained down due to the LHs and had the patience to wait for a good setup.

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