EJ trade: Shorted at H4 Supply with trend...(R+1.7)
EU trade: Shorted at weak H4 Supply (many tests) R-0.5
intro: so these trades were from orders placed on Wednesday and Thursday, I'm only updating today as they were triggered last night so not much to say until now.
thoughts: The EU trade was a loss probably because I was shorting really at an area where there was lack of buying interest rather than true supply. The EJ trade however I believe was a better supply level for 3 reasons. Firstly price spent very little time there, secondly the strong and aggressive drop from it, both suggesting a supply/demand imbalance, thirdly this was clearly the first revisit.
summary: All in all happy with this weeks efforts, I have managed to learn some lessons (with some help, thank you John) and have a positive week in terms of P/L. Quite possibly the last week of the month for me as next week is "wedding week"!
lessons: 1. ask yourself if your level is truly supply/demand or just a pivot hi/lo. 2. hard drops/rallies from a level and price spending very little time at the level are positive factors.
prep from the week:
EU trade: Shorted at weak H4 Supply (many tests) R-0.5
intro: so these trades were from orders placed on Wednesday and Thursday, I'm only updating today as they were triggered last night so not much to say until now.
thoughts: The EU trade was a loss probably because I was shorting really at an area where there was lack of buying interest rather than true supply. The EJ trade however I believe was a better supply level for 3 reasons. Firstly price spent very little time there, secondly the strong and aggressive drop from it, both suggesting a supply/demand imbalance, thirdly this was clearly the first revisit.
summary: All in all happy with this weeks efforts, I have managed to learn some lessons (with some help, thank you John) and have a positive week in terms of P/L. Quite possibly the last week of the month for me as next week is "wedding week"!
lessons: 1. ask yourself if your level is truly supply/demand or just a pivot hi/lo. 2. hard drops/rallies from a level and price spending very little time at the level are positive factors.
prep from the week:
end of week summary:
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