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Yes, @addchild !! This was something I learnt from you and @josh - identifying market state FIRST! Incidentally you two are the first @Big Mike to move to the live combine step, which speaks volumes about this approach!
To me, Wyckoff is a great help for this identification.
- The price of being a sheep is boredom. The price of being a wolf is loneliness. Choose one or the other with great care.
- Part of being a master is learning to sing in nobody else's voice but your own...Put your whole self into it, and you will find your true voice. Hold back and you won't.
From by Hugh MacLeod: and 39 Other Keys to Creativity by Hugh MacLeod
Work is what we do by the hour. It begins and, if possible, we do it for money. Welding car bodies on an assembly line is work; washing dishes, computing taxes, walking the rounds in a psychiatric ward, picking asparagus — these are work. Labor, on the other hand, sets its own pace. We may get paid for it, but it’s harder to quantify… Writing a poem, raising a child, developing a new calculus, resolving a neurosis, invention in all forms — these are labors.
Work is an intended activity that is accomplished through the will. A labor can be intended but only to the extent of doing the groundwork, or of not doing things that would clearly prevent the labor. Beyond that, labor has its own schedule.
There is no technology, no time-saving device that can alter the rhythms of creative labor.
I read your post as a 10 tick "mental stop" with a hard physical stop at 15 pips. Was the 15 pip stop the mistake? Just trying to figure out if there is risk the market could hit the larger stop before you could close the position at 10 pip loss.
That should have read 10-ticks and 15 was a typo, sorry for that!
Also I had refactored the plan actually, sorry for not updating:
My plan for the $30,000 10-day-min combine, where I will be trading the 6E (evaluation steps will be specified in this very journal), states simply and irrevocably the following:
- Rule 1: At no point during any trade can my loss be greater than 10 pips. If I go long the 6E at 1.3035 and it goes down to 1.3025, since the loss is -10 pips I have to close. The target on the trade is +10 pips. The target can NEVER be moved. The stop however can only be tightened and set at a tipping point at a technical level on the chart, never simply to lock in profits / never to get a breakeven trade.
- Rule 2: Maximum five trades in a day. Also if I am wrong 3 times I need to stop trading.
- Rule 3: Maximum position size: One lot. No multiple open trades. No scaling in or scaling out.
