POSITIVES
1. Actually made a small profit for the week in my intraday trades. 1%
2. Swing trades nearly hit PTs so up near 4%. Trades can be seen here http://eurusdtradejournal.blogspot.co.uk/2013/11/swing-trade-reversal.html.
3. Expanding Triangle identification.
4. Trading BO/BD instead of PB/RL when PB/RL offer poor RRR to trend extreme (due to stops adding momentum).
NEGATIVES
1. Ill, on antibiotics.
2. Being too greedy in an overextended trend. Should have been happy with a scalpers profit (Trade 1 041213)
3. Trading "with trend" when trend has probably turned! (Trade 2 051213)
4. Not always listening to the market.
FIXES
1. Cannot be helped, just got to get better. Guess I could have looked after myself a little better (have been burning the candle at both ends).
2.&3. are really one and the same. They are both a case of being late to the party/ trend change. In both cases a major trendline (10 bars +) had been broken. When a major TL breaks you must only expect a test of the prior extreme (scalpers profit) and be getting ready to take the other direction.
4. As Al Brooks says the market operates in a gray zone where nothing is absolute. However I would say it acts in a cumulative way. in both 2&3 the market had made several topping signals. 2 legs up, M/W, TL break. Look for and be happy with a cumulation of signals of trend weakness rather than perfection.
ADDITIONS
TBH L/H 1s can be traded in a strong trend and it can get very frustrating waiting for an L2/H2 that never actually occur in this situation.
SUMMARY
Mixed week really. I am happy that I've ended in profit and feel I have made some progress in my observations / price action reading. Always room for improvement though, as can be seen above.
1. Actually made a small profit for the week in my intraday trades. 1%
2. Swing trades nearly hit PTs so up near 4%. Trades can be seen here http://eurusdtradejournal.blogspot.co.uk/2013/11/swing-trade-reversal.html.
3. Expanding Triangle identification.
4. Trading BO/BD instead of PB/RL when PB/RL offer poor RRR to trend extreme (due to stops adding momentum).
NEGATIVES
1. Ill, on antibiotics.
2. Being too greedy in an overextended trend. Should have been happy with a scalpers profit (Trade 1 041213)
3. Trading "with trend" when trend has probably turned! (Trade 2 051213)
4. Not always listening to the market.
FIXES
1. Cannot be helped, just got to get better. Guess I could have looked after myself a little better (have been burning the candle at both ends).
2.&3. are really one and the same. They are both a case of being late to the party/ trend change. In both cases a major trendline (10 bars +) had been broken. When a major TL breaks you must only expect a test of the prior extreme (scalpers profit) and be getting ready to take the other direction.
4. As Al Brooks says the market operates in a gray zone where nothing is absolute. However I would say it acts in a cumulative way. in both 2&3 the market had made several topping signals. 2 legs up, M/W, TL break. Look for and be happy with a cumulation of signals of trend weakness rather than perfection.
ADDITIONS
TBH L/H 1s can be traded in a strong trend and it can get very frustrating waiting for an L2/H2 that never actually occur in this situation.
SUMMARY
Mixed week really. I am happy that I've ended in profit and feel I have made some progress in my observations / price action reading. Always room for improvement though, as can be seen above.
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