EURUSD TRADE JOURNAL: R-1.7 Not Trading off S&R!

Friday, 23 May 2014

R-1.7 Not Trading off S&R!

Well an expensive but clear lesson for the demo account to not trade in between S&R. It's really not that fucking difficult George. "Buy at Support and Sell at Resistance". C'est la vie :-/

EJ Trades...

UJ obs...

No comments:

Post a Comment

Note: only a member of this blog may post a comment.

Daily Guide

1. Get up, work and warm up Mind (LOA&sums) and Body (Callisthenics, water, air)
2. Prep charts (YTDs lvls, 00s, 50s,S,R,Hi's,Lo's, HM,SS,HW, tests)
3. Create with trend trade plan for each pair, write on charts (Bull/Bear Sweet Spots)
4. Start watching by 0800GMT
5. Relax and let PA and plan unfold, update charts (2.)when appropriate
6. Mark potential triggers on charts particularly IB's
7. Take all setups they are high prob!
8. Should they fail SAR +western rev as this is high prob!
9. Issues? check the 3 P's (Psyc, Phys, Plan)

Bull/Bear Sweet Spots: Bulls taking profit (Bears covering) at same R (S) level as Bears (Bulls) see weakness (strength) and a clear ride (no highs/lows/SS//HM,HW, lvls).

The 5 Truths

Anything can happen.
You don’t need to know what’s going to happen next to make money.
(With any edge)There is a random distribution between wins and losses.
An edge is nothing more than an indication of a higher probability of one thing happening over another.
Every moment in the market is unique. Each trade/edge has a unique outcome.

There’s no stress because nothing is at risk other the cost of doing business/the amount of money I need to spend to make myself available for the winning trade.

Pages

Friday, 23 May 2014

R-1.7 Not Trading off S&R!

No comments:

Post a Comment