Monday:R-2.3: Neglected to Label Highs, Lows and S&R. Resulted in shorting at demand. Really inbetween methods and doing neither of them correctly. also trading EJ!
Tuesday: R-2.5: Mess on the EJ, Much Better on EU, Decided On Method. More in post, in short; trading with price to 20EMA on pullbacks to demand and 20EMA, or rallies to supply and 20EMA. Losses came from EJ trading with no method.
Wednesday:R+0.9: Short off R+20EMA. An example of correctly trading tuesday's method.
Thursday: R-0.8: Selling at Demand and Failing to SAR. An example of trading tuesday's method incorrectly and incompletely, I've got to SAR on failure to get back to BE.
Friday: OFF
Notes: Started with no real method and because I insisted on continuing like this I did a number on my P/L over monday and Tueday I couldn't recover from. (Well I could have had I been a bit more confident on Tues PM, not messed Thurs up.
Summary:
- Trade with Price to 20EMA,
- Price blw 20ema = short, price abv 20ema = Long.
- Wait for PBs/RLs to 20EMA which coincided with S/R (can break 20, mustn't break S/R)
- Used HSL/LSH as entry, SL low/high trigger, PT next S/R level (this needs to be stretched in all likihood). Also need to start trail the stop: track higher lows if long and lower highs if short.
- Avoid...Shorts triggering at S level (and Longs triggering at R levels)
Avoid SSs(or HMs) that O/C are outside prior bars range - condense PA in AM if MT4 has over expanded it
- Must listen to PA not Emotion
Don't trade these days...
- BOE IR /policy and ECB IR/policy: fall on first Thursday of month = off
- US NFPS: fall first Friday of month = off
- FED IR / policy: 3rd Wednesday of month = off
- BOJ IR/policy: happen over night GMT = not an issue
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