PL: R-4.2 £-72.87
SUMMARY: Friday says it all "The general strategy of trading off a recent level when tested is effective but the technicalities of how I execute the trades has been the issue". Last week I was over-trading. This week I managed to reign in the overtrading but I was still executing the action poorly. The two areas are Entry's and Exits. But I have been learning throughout the week and have some fixes to apply.
POSITIVES
1. Money management
2. Cutting down the overtrading
3. Working on the execution of the strategy.
NEGATIVES
The Entry issues have been
1. trading off old (untested levels) levels,
2. trading triggers that are detached from/grazed a level,
3. trading inside bars.
4.trading triggers that have only grazed a level less than 0.5pip penetration
The Exit issues have been
5. Discretionary exits. be they greed/fear based or
6. due to poor counter entries listed above.
FIXES
1. Don't trade old levels, infact don't even mark them, only trade the levels you can see on your screen
2+4: Only trade triggers that are incontact with a level and penetrated by at least 0.5 pips (you want to see some clear wick on the otherside).
3. at least for the time being stop trading inside bars.
5+6. Only exit on TSL or genuine counter signal (see 1,2+4)
ADDITIONS
Good or bad, anything can happen so do not try and predict what the market is going to do. Let it tell you when to enter and tell you when to exit.
"I'm trying to enter the day with no bias and just trade/flow with what the market gives/does, as I'm coming to the realization that even when trend trading there are times when I will be fighting the market (at reversals)".
"I do not need to know the specifics of what is going to happen each day. I just need to know that the market will create something everyday, and all I have to do is flow with it."
"simplicity, prep and context beat convoluted, fancy and intricate"
SUMMARY OF TRADES/TRADING
Monday: 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!
M1. Good Entry , Good Exit (TSL, could have discetionary for 2% though)
M2. Poor Entry (old R), Exit Good
M3. Poor Entry (SAR had detaached from R), Exit Good
M4. Good Entry , Poor Exit (discretionary)
Tuesday:Very frustrated as I'm getting shaken out of correct trades due to counter signals rather than fear. Check to make sure price has really reached a level before using it. Once in a trade only exit on your stop being hit or a counter trigger off another, valid level.
T1. Poor Entry (price not in contact with level) Exit good
T2. Poor Entry (price not in contact with level) Exit good
T3. Good Entry , Poor Exit (inside bar / discretionary)
T4. Poor Entry (inside bar). Good Exit
Wednesday: Despite tempting, stop trading off old S/R levels, (trade the recent ones) wait for the test and trade off the test level it's more accurate! and for the time being avoid trading inside bars as of these both of these are knocking you out of holding good trades.
W1: Poor Entry (Old level), Exit good
W2: Poor entry (inside bar), Exit good
W3.Poor entry (inside bar), Exit good
Thursday: Good or bad, anything can happen so do not try and predict what the market is going to do. Let it tell you when to enter and tell you when to exit.
| Closed Trade P/L: | -72.87 | ||||||||||||
| Equity: | 2 002.17 | Free Margin: | 2 002.17 | ||||||||||
| Details: | |||||||||||||
| Gross Profit: | 54.67 | Gross Loss: | 127.54 | Total Net Profit: | -72.87 | ||||||||
| Profit Factor: | 0.43 | Expected Payoff: | -5.21 | ||||||||||
| Absolute Drawdown: | 87.10 | Maximal Drawdown: | 106.48 (5.08%) | Relative Drawdown: | 5.08% (106.48) | ||||||||
| Total Trades: | 14 | Short Positions (won %): | 6 (16.67%) | Long Positions (won %): | 8 (25.00%) | ||||||||
| Profit Trades (% of total): | 3 (21.43%) | Loss trades (% of total): | 11 (78.57%) | ||||||||||
SUMMARY: Friday says it all "The general strategy of trading off a recent level when tested is effective but the technicalities of how I execute the trades has been the issue". Last week I was over-trading. This week I managed to reign in the overtrading but I was still executing the action poorly. The two areas are Entry's and Exits. But I have been learning throughout the week and have some fixes to apply.
POSITIVES
1. Money management
2. Cutting down the overtrading
3. Working on the execution of the strategy.
NEGATIVES
The Entry issues have been
1. trading off old (untested levels) levels,
2. trading triggers that are detached from/grazed a level,
3. trading inside bars.
4.trading triggers that have only grazed a level less than 0.5pip penetration
The Exit issues have been
5. Discretionary exits. be they greed/fear based or
6. due to poor counter entries listed above.
FIXES
1. Don't trade old levels, infact don't even mark them, only trade the levels you can see on your screen
2+4: Only trade triggers that are incontact with a level and penetrated by at least 0.5 pips (you want to see some clear wick on the otherside).
3. at least for the time being stop trading inside bars.
5+6. Only exit on TSL or genuine counter signal (see 1,2+4)
ADDITIONS
Good or bad, anything can happen so do not try and predict what the market is going to do. Let it tell you when to enter and tell you when to exit.
"I'm trying to enter the day with no bias and just trade/flow with what the market gives/does, as I'm coming to the realization that even when trend trading there are times when I will be fighting the market (at reversals)".
"I do not need to know the specifics of what is going to happen each day. I just need to know that the market will create something everyday, and all I have to do is flow with it."
"simplicity, prep and context beat convoluted, fancy and intricate"
Monday: 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!
M1. Good Entry , Good Exit (TSL, could have discetionary for 2% though)
M2. Poor Entry (old R), Exit Good
M3. Poor Entry (SAR had detaached from R), Exit Good
M4. Good Entry , Poor Exit (discretionary)
Tuesday:Very frustrated as I'm getting shaken out of correct trades due to counter signals rather than fear. Check to make sure price has really reached a level before using it. Once in a trade only exit on your stop being hit or a counter trigger off another, valid level.
T1. Poor Entry (price not in contact with level) Exit good
T2. Poor Entry (price not in contact with level) Exit good
T3. Good Entry , Poor Exit (inside bar / discretionary)
T4. Poor Entry (inside bar). Good Exit
Wednesday: Despite tempting, stop trading off old S/R levels, (trade the recent ones) wait for the test and trade off the test level it's more accurate! and for the time being avoid trading inside bars as of these both of these are knocking you out of holding good trades.
W1: Poor Entry (Old level), Exit good
W2: Poor entry (inside bar), Exit good
W3.Poor entry (inside bar), Exit good
Thursday: Good or bad, anything can happen so do not try and predict what the market is going to do. Let it tell you when to enter and tell you when to exit.
Th1: Good Entry, Poor Exit (discretionary)
Friday: you want to see some clear wick on the otherside of the level on your trigger.The general strategy of trading off a recent level when tested is effective but technicalities of how I execute the trades is the issue.
F1: Good entry, Poor Exit (counter trade triggered with only a graze of a level)
F2. Poor Entry (trigger only grazed level), Good Exit
Friday: you want to see some clear wick on the otherside of the level on your trigger.The general strategy of trading off a recent level when tested is effective but technicalities of how I execute the trades is the issue.
F1: Good entry, Poor Exit (counter trade triggered with only a graze of a level)
F2. Poor Entry (trigger only grazed level), Good Exit
SWINGS: NA
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