EJ trade: Short at supply in strong downtrend.
EU trade: Short at supply in strong downtrend.
GU trade: Long at H4 demand into fresh H4 supply = early exit
intro: started today where I left off yesterday... wanting to practice what my coach defines trading as : "managing risk". The penny dropped yesterday when watching a trading documentary with a trainer who was under-trading and as such was not allowed to move to live trading because he didn't have enough experience; Sim trading is about building experience managing risk.
thoughts: first two trades were simple shorts in a downtrend at supply, momentum never really kicked in so exited for +0.7 on both. The loser was probably not the best trade, although I'll concede to myself that it wasn't easy. I bought low at H4 demand which was the right idea, but on drilling out to the h4 time frame I saw price had just put in a pivot high, defining supply just above current price so I got out for -0.3 as I realised I had no edge. This was a counter trend trade.
summary: Happy with today, another 3 trades under the belt and another 3 experiences managing risk. got to be careful counter trend trading even off longterm levels, in the GU example I would have been better off trading short term charts with trend.
lessons: 1. Don't fight the trend.
Today's trading...
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