intro: After my prep this morning I waited for price action to hit my prepared levels. It turned out that on all my pairs shorts were setting up and I entered all around the same time.
observations: As often happens the trade I thought was going to be a winner withered and died, while the "stinker" made some profit. Used Sam Seiden's shorter time frame trail stop method. Liked that it kept me in the black (just). Didn't like that I had to be on the M5 chart monitoring highs and lows, this was time consuming and energy sapping, but guess that's the price you have to pay?
morning prep...
Important to note that the levels I initially prepped to get short at got taken out and I ended up shorting at H4 pivot highs I had not prepped. The point here is to not try and out smart the market by guessing where it will turn, just label all the potential turning points and let price action tell which is valid.
H4 price levels do not appear to have to coincide with D1 levels to be tradeable, actually today it looked more likely that correlation across the pairs had more to do with a successful move. Today I took a shorts off an M30 level on the GU, off an H4 level on the EJ and off a D1 and H4 level on the EU. The only trade to work out was the GU M30 short, so put that in your pipe.
summary: All in all a good day, I planned my trades and traded my plans.
Lessons learnt. 1. label all H4 turning points and let price tell which are valid. 2. try and get convergence across the pairs on your entries.
EJ Trade:
EU Trade:
GU Trade:
observations: As often happens the trade I thought was going to be a winner withered and died, while the "stinker" made some profit. Used Sam Seiden's shorter time frame trail stop method. Liked that it kept me in the black (just). Didn't like that I had to be on the M5 chart monitoring highs and lows, this was time consuming and energy sapping, but guess that's the price you have to pay?
morning prep...
afternoon summary...
H4 price levels do not appear to have to coincide with D1 levels to be tradeable, actually today it looked more likely that correlation across the pairs had more to do with a successful move. Today I took a shorts off an M30 level on the GU, off an H4 level on the EJ and off a D1 and H4 level on the EU. The only trade to work out was the GU M30 short, so put that in your pipe.
summary: All in all a good day, I planned my trades and traded my plans.
Lessons learnt. 1. label all H4 turning points and let price tell which are valid. 2. try and get convergence across the pairs on your entries.
EJ Trade:
EU Trade:
GU Trade:
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