EJ trade 1: Shorted shooting star (that I hate) at supply got full stopped, didn't correlate with EU or GU (R-0.1)
EJ trade 2: Short with downtrend, at supply into demand (R+0.8)
EU trade: (R0) shorted with down trend at supply, exit on time stop
Potential M5 trend trading strategy:
Observation: not really trading the best H4 level...
intro: too blood wound up with the missus to write this objectively. (She buys a flat then I have to drop everything to look after it, because I work at home. Either way she clearly thinks that what she has to do is far more important than what have to do, grrrr). More tomorrow...
intro 2.1: Price was hovering between old supply and demand levels on all pairs this morning (Friday), so my idea was to wait for price to (probably) rally (as the long term trend was down) into a fresh and longer-term level of supply and take a high probability short there. I took three trades, one loss, one win, one break even.
thoughts: My first trade was on the EJ at an M30/H4 supply level but the trigger was a shooting star (which often punish me) and the other pairs (EU and GU) were nowhere near supply levels, so little correlation. This trade took me out at my full stop loss and there was truly no way I could have reduced risk with the exception of not having taken the trade in the first place. My second 2 trades were on the EJ and EU, no shooting stars present and both setup at the same time (so correlated), one worked the other faded away. The most interesting thing about today was a trend I spotted and trades that fitted on it that started on the M30 charts. M30 price was initially ranging but after an M30 bar closed solidly above this range (new high close), trading pull-backs on the M5 chart in the direction of the M30 close would have been very fruitful, see above.
summary: Ultimately I think I've been putting a little too much emphasis on entering trades to manage risk the last couple of days, this thought started and rightly so a couple of weeks ago because I knew I needed to practice managing in-trade risk (working time and trailing stops correctly). However I've done that now and I need to go back to a more complete method, namely I need to be more "picky"/ mechanical/"checklisty" on my entries AND manage in-trade risk correctly. Today for example the M5 trades would have been great , but some of the H4 levels I was looking at were fundamentally flawed because they had such high wave wicks. It would have been better to wait for a surer / fresher level before looking to short (see pic above).
lessons: 1. I have got better at managing risk, now I need to mange my entries. 2. when shooting stars/hammers fail it will usually be a full stop out, so very hard to reduce risk and might be better to wait for a re-attack instead of trading! 3. M5 becomes tradeable on new high or low low close on M30 = trend.
prep:
trading day:
EJ trade 2: Short with downtrend, at supply into demand (R+0.8)
EU trade: (R0) shorted with down trend at supply, exit on time stop
Potential M5 trend trading strategy:
Observation: not really trading the best H4 level...
intro: too blood wound up with the missus to write this objectively. (She buys a flat then I have to drop everything to look after it, because I work at home. Either way she clearly thinks that what she has to do is far more important than what have to do, grrrr). More tomorrow...
intro 2.1: Price was hovering between old supply and demand levels on all pairs this morning (Friday), so my idea was to wait for price to (probably) rally (as the long term trend was down) into a fresh and longer-term level of supply and take a high probability short there. I took three trades, one loss, one win, one break even.
thoughts: My first trade was on the EJ at an M30/H4 supply level but the trigger was a shooting star (which often punish me) and the other pairs (EU and GU) were nowhere near supply levels, so little correlation. This trade took me out at my full stop loss and there was truly no way I could have reduced risk with the exception of not having taken the trade in the first place. My second 2 trades were on the EJ and EU, no shooting stars present and both setup at the same time (so correlated), one worked the other faded away. The most interesting thing about today was a trend I spotted and trades that fitted on it that started on the M30 charts. M30 price was initially ranging but after an M30 bar closed solidly above this range (new high close), trading pull-backs on the M5 chart in the direction of the M30 close would have been very fruitful, see above.
summary: Ultimately I think I've been putting a little too much emphasis on entering trades to manage risk the last couple of days, this thought started and rightly so a couple of weeks ago because I knew I needed to practice managing in-trade risk (working time and trailing stops correctly). However I've done that now and I need to go back to a more complete method, namely I need to be more "picky"/ mechanical/"checklisty" on my entries AND manage in-trade risk correctly. Today for example the M5 trades would have been great , but some of the H4 levels I was looking at were fundamentally flawed because they had such high wave wicks. It would have been better to wait for a surer / fresher level before looking to short (see pic above).
lessons: 1. I have got better at managing risk, now I need to mange my entries. 2. when shooting stars/hammers fail it will usually be a full stop out, so very hard to reduce risk and might be better to wait for a re-attack instead of trading! 3. M5 becomes tradeable on new high or low low close on M30 = trend.
prep:
trading day:
Don't lose the relationship power position before you even marry, bro. That's a dangerous situation to be in.
ReplyDeleteHahaha, to late for that buddy!
DeleteNo matter what she says to the contrary, a woman must look up to her husband in order to be happy. And if she does not look up to her husband, she will undercut and make him miserable for as long as she believes she has no other options.
DeleteMarriage is the riskiest trade a man can put on, so I'll repeat one more time, then mind my own business: danger ahead.