EU trade: Short with long term trend down at H4 supply , but supply level was old.
EJ trade: Short with long term trend down at H4 supply , but supply level was old.
intro: Ultimately was thinking of not trading today as had a busy day and FOMC this evening meant price might be congested. However ultimately I want to trade and get my experience of managing risk up. Not the best trades off old levels of supply with demand beneath but the best of a bad situation. I could either short with the long term trend down at a longer term supply level, or buy counter trend at an old level of short term demand. So I stand by my trades.
thoughts: managed risk better today trailing first , but because price had made a decent pivot high on the M5 , and ultimately exiting on a time stop after 3 bars of no progression. However I should have got at the end of the bar and not waited 5 mins after.
summary: Made the best of what the market offered me, these were not trades I would normally take but building experience feel most important at the moment as I need to get my trading working soon.
lessons: 1. On time stops exit immediately after the third bar, it's had plenty of time an extra 5 mins aren't going to do much! 2. Stick to Seiden's entry parameters
today's trading:
EJ trade: Short with long term trend down at H4 supply , but supply level was old.
intro: Ultimately was thinking of not trading today as had a busy day and FOMC this evening meant price might be congested. However ultimately I want to trade and get my experience of managing risk up. Not the best trades off old levels of supply with demand beneath but the best of a bad situation. I could either short with the long term trend down at a longer term supply level, or buy counter trend at an old level of short term demand. So I stand by my trades.
thoughts: managed risk better today trailing first , but because price had made a decent pivot high on the M5 , and ultimately exiting on a time stop after 3 bars of no progression. However I should have got at the end of the bar and not waited 5 mins after.
summary: Made the best of what the market offered me, these were not trades I would normally take but building experience feel most important at the moment as I need to get my trading working soon.
lessons: 1. On time stops exit immediately after the third bar, it's had plenty of time an extra 5 mins aren't going to do much! 2. Stick to Seiden's entry parameters
today's trading:
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