P/L: £-10.40 R -0.5
Been pretty sick last couple of days. Big thank you for the comments and advice to my last post. I have skimmed through them. I'm just waiting for the fog to clear in my head before I get back to you/ pick your brains etc... have deleted 21EMA and put some horizontal S&R on for the time being as suggested. But need to re-read to get full benefits of your recommendations.
Spent the day looking for with trend setups, most of these were either hard to spot, hard to trade or failed.
Series of LHs = trend down, so initially looking for shorts
1. L1 after a TLBO, thought I'd go against the rules and have a go. Duh! or could have taken a scalpers profit at prior low... R -0.5
2. confirmed a W maybe I should have bought at a tick above the prior bar. Or at least used it as my TSL for trade1.
3. knew I had to get long here but couldn't find an entry, guess it should have been a tick above the prior bar? I guess that was a failed L1 so would have taken out a load of stops.
4. Price in BW, leaving this alone.
5. EMA long. missed exhausted and back in bed. : -(
P/L: £-10.40 R -0.5
Notes and observations:
1. An L1 / H1 is very likely to test the prior low/high, however unless the trigger is far enough away from the extreme the RRR will be rubbish. (good RRR L1/H1 might be worth a scalp).
2. As with trend L1 / H1 often have poor RRR. I could trade Failed Counter trend L1 / H1 (basically trade BO/BD with trend) as this is where Counter trend traders will have placed there ISL, so there should be strong momentum on a break of these levels.
3. Maybe I should start earlier. There were and have been on prior days nice move between 0630GMT and 0730GMT.
Been pretty sick last couple of days. Big thank you for the comments and advice to my last post. I have skimmed through them. I'm just waiting for the fog to clear in my head before I get back to you/ pick your brains etc... have deleted 21EMA and put some horizontal S&R on for the time being as suggested. But need to re-read to get full benefits of your recommendations.
Spent the day looking for with trend setups, most of these were either hard to spot, hard to trade or failed.
Series of LHs = trend down, so initially looking for shorts
1. L1 after a TLBO, thought I'd go against the rules and have a go. Duh! or could have taken a scalpers profit at prior low... R -0.5
2. confirmed a W maybe I should have bought at a tick above the prior bar. Or at least used it as my TSL for trade1.
3. knew I had to get long here but couldn't find an entry, guess it should have been a tick above the prior bar? I guess that was a failed L1 so would have taken out a load of stops.
4. Price in BW, leaving this alone.
5. EMA long. missed exhausted and back in bed. : -(
Notes and observations:
1. An L1 / H1 is very likely to test the prior low/high, however unless the trigger is far enough away from the extreme the RRR will be rubbish. (good RRR L1/H1 might be worth a scalp).
2. As with trend L1 / H1 often have poor RRR. I could trade Failed Counter trend L1 / H1 (basically trade BO/BD with trend) as this is where Counter trend traders will have placed there ISL, so there should be strong momentum on a break of these levels.
3. Maybe I should start earlier. There were and have been on prior days nice move between 0630GMT and 0730GMT.
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