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A TopStepTrader's Humble-Pie-Way: A TST Combine Journal of iqgod's "Take 2"
The fifth and the last trade of CL was entered and exited at the same price though the short based on half-confirmation was not a good one even during real-time. mainly because two bars earlier the market broke the pinbar high taking out the stops above it and usually when this happens statistics point to a long drawn uptrend or range before a meaningful reversal. So it was simply bad trading.
Now that I think of it was a heady trade - the market had given me no losing trades for two whole days - what wrong could I do (Added Verbiage: such was the egoistic smell this trade stank of!)
Thus I decided to call it a day when my eye was rivetted my the Euro FX price action and I decided to switch.
Coming up next: My two successful Euro FX (6E) trades.
Can you help answer these questions from other members on NexusFi?
The first trade was a nimble scalp and deserves applause (@iqgod applauds @iqgod!) I expected the market to go a 'bit' higher and then start reversing - that happened by the book.
The second trade was after the confirmation of the pinbar extreme break - a 'safe' high probability trade - I exited quickly here again - 'fear lent me wings'. The funny thing about this trade was that I had exited the earlier trade using the infamous 'Flatten All' button. Then I was aware thanks to the posts on @indextrader7's journal that my auto-OCO orders would not be pulled (I had not set that option yet) - but then I saw that the auto-OC order was where I wanted to enter short the market. Before I could pull those orders and enter a NEW order with auto-OCO preset the market traded through my auto-OCO sell and I was in!
These two trades netted $187.50 ($177.5 post-commissions) - I could have held for the further prolonged downmove but my nerves declined the offer.
I do my homework and it turns out after the analysis that price action is more clear on Instrument X instead of Instruments Y and Z. Instead of taking sub-standard or dicey setups on Y and Z I take better quality trades on Instrument X.
However the downside of course is that since wins and losses are a random distribution then there is a possibility that Day 1 for Instrument X is a loser and I thereby get 'locked in' i.e. I need to continue trading Instrument X for the probabilities to play out properly.
I wonder if this can be termed as the magic bullet @Big Mike preaches about i.e. "Diversification" though that isn't really the correct word for it. I mean it isn't time division multiplexed but frequency division multiplexed (the electronics engineer speaking, the concepts come close to what I am trying to express).
I hope I don't sound smart-alec-like - there are wide chasms around my argument.
