Here is the same set up with two profitable trades and one losing trade within last two hours , a total of 3 profitable trades and one loser of 8 pips.
Fair enough. You're martingaling. Risk/Reward is skewed. Look out for black swan.... If your system/ money management is working, full power to you.
Thanks, I don't trade Break-outs of S/R or trend lines..way too naive for my taste..people say: Trade what you see...no way ! price action is full of tricks and deception.. Thanks for your chart, i added my own view..
I am enjoying reading this journal. Question: Why are your losses larger than your winners? I'm not criticizing, just wondering. It seems like you have a bunch of +$50-150 days and then a -$300 day. Are you averaging down? Is your stop loss further away than your target profit? What happens if you have a few big losing days in a row?
A is not the place to go long , the price is in a down trend and the A move is only a retracement to the trend line where smart traders are selling .It is a resistance that has not been broken.If price remains above the bars of entry of A , for 15 minutes or longer , then go long ......the resistance will now become your support. Your scalp in the B and C area is bottom fishing , and you are using previous support and trading against the winners , the bulls can slaughter you by pushing prices lower and lower, hence increasing position sizes. In my style we trade with the current support and victors , you are trading against us and buying where supply is greater than demand.
I was all over the place today, awful trading..throwing trades at the market....careless moron.. and as it turned out i got away with crime...ending up positive... Greed, man...GREED IS THE BOSS OF ME. (I got re-acquainted with the Kospi 200 this morning, i traded this instrument last year for a couple weeks.. I like the way it moves and all but it's way too expensive (1 lot = $25 per tick) for my small account..) +150.20 USD
I don't avg down on all trades but with my core strategy , i do.. In a nutshell, after i get a buy signal i place an imaginary box that defines an area below the buy signal price and i " buy in this area". i will either add once to my position or stop then re-enter or both... Rinse and repeat depending on how "fussy" price action is...until the whole process shows a profit. The whole process taking place within the limits of this imaginary box/ buy area.. If price exits the buy area going south i go flat and lick my wounds...and look for another long entry...short signal is the same just upside down... The risk is larger than the reward.. but the risk/reward ratio doesn't tell the whole story, the winning rate should be included in the equation.