PL: R-0.6 £-12.14
Summary: An improvement from Thursday and Friday. Less trades and a smaller loss. Still some persisting issues. Firstly I'm being too precise on my PTs. I'm going for R+2s but am not taking context (which is the most important thing) into account. In the long at (1) price nearly hit my PT which I had placed just above an area of R, of course price hit R then reversed and took out my stop so a profit of very nearly R+2 turned into R+1. I must not be so anal, I was not listening to price / context because I was projecting unrealistic hopes onto the market. Secondly a fair amount of my overtrading is coming from taking trades from old levels rather than the most recent ones. 3 was a good example of this. Price tested an old R level from last week and I took a short off it. However I really should have updated the level to the most recent test of it and then shorted it at a test of this updated level. (5) was correct but (3) was wrong and because of this so was (4) making 2 poor trades out of one. Finally messed up 5 by taking a discretionary exit instead of TSL.
When setting PT's use R2 as a guide but base the actually off the nearest price context. Use most recent levels, forget old ones. They will only be tested and it is this updated level you should be trading from. Stop discretionary exiting!
Prep: drawing S&R levels and updating when tested.
Patience: to wait for a level to be tested
Discipline to take the trade setup when confirmed, up date the level and TSL correctly.
1. Long on test of prior PBL. Exit TSL got shook because too greedy. Prep, Patience, Discipline Good (could have been less greedy) R+1
2. Highs I wanted, was going for R2 which was just above this level of R, should have been less greedy/precise and taken R1.8 at this level it was near enough!
3. Short on test of old R and confirmation Prep, Patience, Discipline Good R-0.8 Can't argue that I didn't trade my plan however I think the short at 5's test of recent R had a better chance of working out than that of the Old R test.
4. SAR Long on failed Short at 3. Prep, Patience, Discipline Good R-0.3 Again can't argue that I didn't trade my plan but I'm not convinced I should have traded 3 so 4s SAR would of course invalid too in that case.
5. Short on test of prior RLHs Prep& Patience Good, Discipline POOR (discretionary exit) R-0.5
Summary: An improvement from Thursday and Friday. Less trades and a smaller loss. Still some persisting issues. Firstly I'm being too precise on my PTs. I'm going for R+2s but am not taking context (which is the most important thing) into account. In the long at (1) price nearly hit my PT which I had placed just above an area of R, of course price hit R then reversed and took out my stop so a profit of very nearly R+2 turned into R+1. I must not be so anal, I was not listening to price / context because I was projecting unrealistic hopes onto the market. Secondly a fair amount of my overtrading is coming from taking trades from old levels rather than the most recent ones. 3 was a good example of this. Price tested an old R level from last week and I took a short off it. However I really should have updated the level to the most recent test of it and then shorted it at a test of this updated level. (5) was correct but (3) was wrong and because of this so was (4) making 2 poor trades out of one. Finally messed up 5 by taking a discretionary exit instead of TSL.
When setting PT's use R2 as a guide but base the actually off the nearest price context. Use most recent levels, forget old ones. They will only be tested and it is this updated level you should be trading from. Stop discretionary exiting!
Prep: drawing S&R levels and updating when tested.
Patience: to wait for a level to be tested
Discipline to take the trade setup when confirmed, up date the level and TSL correctly.
1. Long on test of prior PBL. Exit TSL got shook because too greedy. Prep, Patience, Discipline Good (could have been less greedy) R+1
2. Highs I wanted, was going for R2 which was just above this level of R, should have been less greedy/precise and taken R1.8 at this level it was near enough!
3. Short on test of old R and confirmation Prep, Patience, Discipline Good R-0.8 Can't argue that I didn't trade my plan however I think the short at 5's test of recent R had a better chance of working out than that of the Old R test.
4. SAR Long on failed Short at 3. Prep, Patience, Discipline Good R-0.3 Again can't argue that I didn't trade my plan but I'm not convinced I should have traded 3 so 4s SAR would of course invalid too in that case.
5. Short on test of prior RLHs Prep& Patience Good, Discipline POOR (discretionary exit) R-0.5
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