These are "mistakes" only if your system would have done something else and you didn't follow it. If so, these are just random results of random occurrences and in and of themselves should not be bothersome.
You're right.. Part of my system is to take a trade and as soon as the market has moved 1.5 points in my favor ..move my stop to breakeven and then trail a stop below each swing low.. I did not do this on these trades.. If the market gives me a big move like the one at 12:20 .. to take profits quickly
Regarding the first part, this is not a bad tactic in and of itself depending on your entry setups. However, you have also indicated that you want to take reversals. With this strategy, you'll be missing those reversals. Therefore, you have to reach some sort of accommodation with this inconsistency in your own mind. Otherwise, you're going to view every pullback as a potential reversal, and that will work against your desire to stay in the trade and let the trend work for you. As for the second part, there's no definition here. In order to act on "big" and "quickly", you'll have to define them for yourself and go through old charts bar by bar to see if you recognize "big" at the time. When your heart is pounding and you haven't defined your tactics, you are in the worst possible position to make a decision.
I agree with DB Your tactics need to be better defined. Which software do you use? If the one you use allows you to paint bars according to formulas you define, it can be very useful. Also, you seem to try to pick tops and bottoms. It's not easy to make money that way.
I should also mention that you're asking all the right questions. And you're not eyeball-deep in denial, like others who are/have been maintaining journals. So your difficulties are much more easily solved.
I do try to pick tops and bottoms.. I realize that.. not sure why.. part of that gambling mentality I guess. and the trades I take that are with the trend are usually much more profitable and cosistent.. It gets back to that self sabotage problem... I don't have a software that would let me program my trades.. I use Quote.com live charts.. $10/month.. use movg. avg. and stochastics..
Good day today.. but then everybody who went with the trend probably had a good day.. Emini 11 Trades 8 winners 3 losers Gross Profit $450.00 Felt good about 1st trade.. short trend up.. formed 3 hammer type candles.. next bar closed up fairly strong.. didn't get any follow thru after that.. any suggestions on this first trade regarding hammers?? 2nd trade a little questionable.. right before the 10:00 spurt.. There was 2 good bear flags that I marked on the chart.. I missed the 1st one and got in a little late on the 2nd... Other than the trade at 15:25. which was against the trend.. I went with the flow and profited from it.. on the 15:25.. trade. my thinking was .. market was oversold. 3 black crows formed (is that 3 black crows??) , and 3 little Indians pattern and when the doji formed I decided to go long.. I knew here I was placing my stop close.. so the risk reward was favorable.. was targeting a move to 971.75 area.. also made 1 trade in Canadian Dollar.. profit of $230.00 and 2 trades in the Euro resulting in a $137.50 Loss.. Looking forward to any feedback.. Hope everyone had a good day. Jeff
Hi Flashboy, Obviously you had a bulk of today's profits come from your shorts at 10:15am. It seems that up to today you have been cutting your winning trades a little short. What made you hang on longer this time to let the winner run a little? Well done on your profitable day by the way. Hope it continues 4 u. Kiwi
Hi Jeff, About this particular type of White Hammers...same old story (please re-read my prior notes on this type of White Hammer) Also...I notice your using non-all session charts. Had you been using all session (globex) charts that contains info between 4:45pm est yesterday up till the open of today... you'll see 2 of the prior 3 candlesticks to that White Hammer had those infamous Long Upper Shadows that show... strong resistance. At least...take a peek at the all session chart (candlesticks just prior to the open) if your going to trade White Hammers that appear in the first 15mins after the open. However...this time you had an excellent stop/loss placement (minimizing your loss) for trading such a risky particular type of White Hammer that occurs after those types of long upper shadows. Remember this...their are numerous types of White Hammers... you've played a particular type that requires taking profits very quickly as soon as your in the price area of those prior long upper shadows... the peak price of those long upper shadows was 980.50 that occurred as the high price in the last 5min interval just prior to the open... Thus, you went Long @ 979.50 and that resistance area was around 980.50... a good area to take quick profits because the odds aren't very good for more follow thru. Something else you need to remember... that particular White Hammer...when the pattern flips over to the downside after testing that resistance area... it usually comes down hard and fast... reason why using stops is critical...no mental stops for that type of White Hammer. Also...my 15min all session chart at the open had all major price moving averages moving downward... that's a tough trend to fight with a low probability White Hammer along with those long upper shadows standing in your way. To add more downward pressure... the Advance Decline line (NYSE) was weak. Simply...next time you see that particular type of White Hammer... take your +1 point gain like a mugger in a dark alley...then run like crazy and count your money some place else... far away from your victim NihabaAshi