Saturday 13 December 2014

8 - 12th December 2014: R-0.5


Monday: R+0.1: In and Out Day (physically). Some problems at rented property which actually took all week to sort out. One good observation: Check M30 chart for any obvious setup before entering on the M5. Don't want to be buying at supply / selling at demand.
Tuesday R-0.5: Missed Getting in after BO of R. Nothing much of note, a good read with the exception of missing a good with trend trade that had broken out of R.  The reason I found this confusing was that I would have got in on the breakout of R on a PB however in this case the PB was very subtle, more of a sideways consolidation which I took as another test of R rather than a consolidation above it. C'est la vie but something Bob Volman has mentioned in the past and I need to be aware of "Pre-Breakout Tension". It's basically an ascending triangle around R and a descending triangle around S and a good sign that that level is going to break.
Wednesday: OFF. Doctor in morning, antibiotics.

Thursday:R-0.0: Observation No Trades. Just a a little note that occasionally I can take trades off S/R and something other than the 20EMA, ie Y HI/LO or .00 / .50.
Friday: OFF

Notes: One of those weeks where life got in the way. Problems outside of trading happened, namely rented flat and health.  Got a little cautious at the end of the week but I'm not going to take this to heart. I have been under the weather and have had quite a bit of pressure from the flat weighing in and effecting my judgement and am certain it was just these two factors throwing me off.

Summary:  similar to last weeks...Just adding in  the things I took from this week.
  • 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)
  • Occasionally I can take trades off S/R and something other than the 20EMA, ie Y HI/LO or .00 / .50.
  • 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. 
  • Check M30 chart for any obvious setup before entering on the M5. Don't want to be buying at long term supply / selling at long term demand.
  • Avoid...Shorts triggering at S level/Longs triggering at R levels unless there is good  "Pre-Breakout Tension"(ascending triangle around R/descending triangle around S)
  • 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 / policy3rd Wednesday of month = off
  • BOJ IR/policy: happen over night GMT = not an issue

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