intro: A very long wait today for any trades to occur and got impatient. This resulted in me forcing a trade on the EJ.
thoughts: The EU trade was good, the EJ trade was bad. I think I am putting too much emphasis on high correlations. The EU and EJ were very highly correlated today and I felt I should really be getting short on both at the same time. This resulted in me taking a short on the EJ from a weak level of H4 supply I wouldn't ordinarily use just because it coincided with a EU short.
summary: Had I just taken the EU short I would have been break even for the day, possibly had I got in on the re-attack as my coach suggests I would have got a win and clearly XLT traders do this too. Whatever... the most important thing is that I didn't trade my plan and I got bit in the ass for it.
lessons: 1. don't put so much weight on correlations, If you only have one true entry that's the only thing you can take! Yes ideally it would have been great to get short the EU and EJ today as there correlation was very high but don't force it. 2. only use pivot highs/lows and gaps with strong momentum moves as supply/demand! 3. Don't be scared to trade re-attacks of levels! 4. if it wasn't clear at the time it wasn't a trade but if the move off it was fast it might now be a tradeable level.5. Stop questioning the coach, start following the coach.
morning prep...
afternoon summary...
EU trade...
EJ trade...(weak supply... not actually supply!)
thoughts: The EU trade was good, the EJ trade was bad. I think I am putting too much emphasis on high correlations. The EU and EJ were very highly correlated today and I felt I should really be getting short on both at the same time. This resulted in me taking a short on the EJ from a weak level of H4 supply I wouldn't ordinarily use just because it coincided with a EU short.
summary: Had I just taken the EU short I would have been break even for the day, possibly had I got in on the re-attack as my coach suggests I would have got a win and clearly XLT traders do this too. Whatever... the most important thing is that I didn't trade my plan and I got bit in the ass for it.
lessons: 1. don't put so much weight on correlations, If you only have one true entry that's the only thing you can take! Yes ideally it would have been great to get short the EU and EJ today as there correlation was very high but don't force it. 2. only use pivot highs/lows and gaps with strong momentum moves as supply/demand! 3. Don't be scared to trade re-attacks of levels! 4. if it wasn't clear at the time it wasn't a trade but if the move off it was fast it might now be a tradeable level.5. Stop questioning the coach, start following the coach.
morning prep...
afternoon summary...
EU trade...
EJ trade...(weak supply... not actually supply!)
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