Missing trades today. Not sure why. Slightly tired ? IDK. It's a state of mind issue I'm sure. Second missed I had an entry order in , cancelled it then couldn't replace it in time. I think I need to remember to keep the internal dialog on: is this a set up, is the context correct ? Accept uncertainty. I'll add that to my pre-trading review notes. The 1 trade so far was not very good. Move too extended and close to target / support. Then I messed up my stop by bringing it in too close. I always go in with a 4 pt stop then manually adjust it. In this case I moved it to a 3 pt stop then tightened up more. I wanted it 2 ticks higher but couldn't move it fast enough and got stopped out. Short range Entry 3611.50 stop 3614.50 t 3608-3604 stopped on poor stop movement -1.50 waiting for FOMC minutes.... Given my performance so far I may call it a day early.
Youâve id a trade signalâ¦. that signal fail â the trade is no longer valid The stop should always be placed just the other side the of signal youâre trading Placing it any further away â is money being pissed away Bigger the loss(es) = the more work we face trying to make it back = more pressure = more potential for stress At some point â we may even start focusing on recouping the loss(es) â which means weâre trading our PnL This is never good Now please don't take the above as meaning we should strive to never have losses - losses are inevitable We must continuously work diligently.., to keep each loss as small as is reasonable (this is our primary job) ========================== Aside; In situations where the tradeâs signal is large (such a 1,2,3 reversals) â there will inevitably be an area where price has made / is making DT/ DBâ¦, or HL / LH Because the horizontal boundary (zone) has been established / is being respected Because the moveâs direction has been agreed upon â and being supported So a breach of the DT / DBâ¦, or HL/ LH would invalidate the trade signal Just the other side is where to place the stop ================= Save yourself a bunch of unnecessary BSâ¦. and keep each loss small from the get go ================== As for moving stops after the trade starts working I would say â keep your initial stop in place⦠and improve the trade management piece of each trade plan RN
I've never seen anywhere how to draw them so I just eyeball it. The bottom of zone is at swing high at 6:40 which is retested at 7:05. The fbo at 7:25 does not have price acceptance so I keep the bottom of zone in place. the top of the zone maybe a few ticks higher to bottom of the retest bar at 7;42 ? Or I suppose I could make the low of the current zone the high and make the low at the bottom of the swing at 6:45 ? a picture is worth blah bla.. here's a chart for that second option edit: I didn't notice you said shift it down .
Much better Also note the chop - just above this zone..., made early in the morning (6:55 am to ~ 7:20 am) Does this new zone you made - make sense to your eye? RN
Firstâ¦, letâs acknowledge a few things Today â PA was rangy as hell (btw this is the nature of the beast given itâs the beginning of summer - it should be this way for the next couple of months - SHTF events notwithstanding) You did a great job of staying patient - period The area where you enter â isnât the cleanest PA (but neither is most of the session) The BO came right back..., and not only reentered that range â it also breached the DMTL What price didnât break is the DT (see yellow line) No matter today was a tough day - and that trade a tough one ================= Great job remaining patient â and accept â today was simply a bitch PA wise RN
Good - because your revised context captured what price said... hence it reflects price Makes for something we can reliably trade off of Btw reliably - does not mean all trades will automatically be winners - they "could" be... but never automatically will they be RN
I ended up only taking the 1 trade today so -1.50. I tried getting my stop above the yellow line but wasn't quick enough . (I click & drag my stop order placement on the chart and sometimes it's not quite where I want it. I think I can accomplish this through the DOM screen too. Might have to look into it)