Thanks Wrongside. Would appreciate if you keep contributing to this journal - im sure i can learn alot from you and look forward to doing so.
A good trade indeed, and $825 is very nice for trading one contract Me, I got up late, rushed into things, took an early hit, and from there just kept adding rope to hang myself. I still need to learn to just walk away for the day when things aren't feeling right... I like reading this journal, keep it up!
I feel your pain, i wish i could take back all the days i tried fighting my way out of a hole. The problem is the days that i actually did fight back from a big initial loss and became positive on the day was the worst because that re-enforces my negative trading. Therefore, it was inevitable trying to fight back everytime i was down and eventually having a monster loss. I did my stats on my own trading: realised i would be very profitable if i did not have the horrendous horrible days where my brain went AWOL and i lost huge sums (offset these big losses against the days where i had recovered a loss in my stats). Basically my whole statistics showed that i only lost money because of these big loss days which i averaged at 1 per month. Now i have a max drawdown point based on the 2.5% i am willing to lose per day, also trading smaller size meant i have not come even close to my max daily drawdown limit i have set myself. Also, i know i am one of those people who will keep trying to fight back and ignore my limit set when i am down and stressed so i have many risk exposure limits for my custom software set now. Hope you have a better day tomorrow Specterx and please keep posting in this journal so we can all share ideas and benefit from each others knowledge and others in this journal.
We have broken the 60min trend now. Also, have the double top at 70 - will be interesting to see how today will play out. Expecting test of 1333 maybe today. However, something that concerns me is that value is higher. Yesterday value zone is higher so lets see if prices can drag back up to 55-56 region before turning south. Been a bit busy recently so will try to post some charts either today or tomorrow if i get the time.
If i get stopped then so be it onto next one. I need atleast 4 points or twice my risk for plan to work. Small stops, low win ratio but need to obtain the occassional big trade. I am comfortable with taking mini losses again and again.
Some of the big financials turning heavily green here. Could be decent bounce to atleast 1355 here, lets see how this plays out. Seeing a LL and HH but LL was more of a W. Flat for now and want to see if price can back to 1340 and bounce, that would be long signal for me.
Nice bounce of 40.25, got in to late on this one though. Long at 43, very bad entry for me. Hoping we dont get the M top here. Hitting resistance trendline here from previous 2 highs. Need to break or i may move up my stop on this one. Otherwise tgt will be 55.