EU trade: issue trailed stop too quickly meant early stop out and missing target.
EJ trade: issue trailed stop too quickly meant early stop out and missing target.
GU missed trades: a strong down trend started and my initally thought was to short rallies , but I didn't really have a strong mechanical game plan to profit it from it. Looks like shorting M30 rallies with an M5 pivot high trailing stop would have worked...
intro: Price in down trend so looking to short. Price returned to H4 supply on both the EU and EJ for the second time which is not ideal but because the rallies were steep with no pullbacks and the RRR was approx 2:1 I entered short. However I trailed my stops too quickly and missed my targets on both.
thoughts: Price then revisted H4 supply for a third time but by this time I felt supply was fading so my plan was to get long on a pullback to demand on a smaller time frame (M30), this happened (see above navy blue rectangles) but I missed the trades as I was preoccupied. Also a nice trend down started on the GU and my plan was to short rallies but didn't really have a game plan to profit from my observation.
summary: A good read scuppered by trailing stop too tightly and not devising a game plan on the GU.
lessons: 1.implement the momentum/time stop first. 2. Use the trail stop only on pivot highs/lows that move against trend. 3. In a trending market trade the pivot highs/lows on the M30 and use the M5 trail stop method.
today's trading...
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