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Well I traded a lot better than I have and a lot worse than I could have.....
Got lucky with the first trade of the day...I had a runner on but the range was narrow so I just punched out at 10. I kept it as a scalp the rest of the morning until I felt I could get a 20 tick trade on....I got 18 since I took the trade off a tick or two inside the HOD.
Then as a price wandered around the chart, I starting thinking it would go short for a while and it might be a good runner trade. I even had the support area clearly marked and I allowed price action to lull me to sleep...not actually sleeping but not really paying attention either....of course thats when it broke and ran...I got part of it on a reentry but took ten as I saw some support just below the 10-15 tick target area. It did break that level and the provided a pull back to enter on but for some reason i cannot explain, I passed....very poor decision making.....
However, I managed to keep it together and wait....I passed on a couple more but ended the day with +44...
Overall I am not really satisfied with this number. It should have been closer to 100 as there was plenty of opportunity even just scalping for ten.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
yes, my main problem is not taking my losses early enough when it's clearly a loser. So in some odd way , while not about one of the main 2 rules in POPs , his story about "take your winnings!" seems to serve as another point about stop management, or maybe it's the 1st rule after all.
I heard the first one (about Trend) is way better written than "bar by bar".
The other 2,,,,lots of redundancy.
When I read "bar by bar" book I printed all the charts in the book and it helped me a bit too.
There's a separate file with all the charts and they are much bigger and I could annotate, draw lines, mark all the set-up,,,etc.
I'll find the file and try to attach here if under size limit.
Nice journal Panda...regarding POP ...even though POP not specifically mentioned 'scalping' I found that Rule 1 is exactly scalping and Rule 2 is exactly trending. Previously I mismatched this and got problems. Correctly applied within context, POP Rules are as good as gold.
I had a decent day today, could have been better but I was somewhat distracted today, sneezed a lot for some reason....could have been the wind was blowing like crazy today and my allergies may have been acting up....was chatting away on skype for some of it and even though I marked the trades in real time, I just didnt feel like taking them.....I was super sleepy this morning as well and kept yawning the entire session.....
Ended the week profitable though and for that I am glad.
Experimenting with some other stuff, you will see some blue triangles that represent some stuff I am looking at.....more later if it works out.
First trade I got lucky, I was early and wrong...but still got my ticks
Second trade I was convinced it would run to the LOD....it did but I needed two trades. I could not hold the first one. I had 25 ticks on it and it pulled back quite a bit and I took it off at +12....same on the third trade....the remainder of the trades I was scalping only as I suspected it would not be worth a runner.
Last trade was me being blind by my long bias at that point, and the fact I needed to get out of the house as I needed to be somewhere and needed to leave RIGHT THEN...so I hurried and got hit without realizing a short was setting up....oh well...still a decent day....20 ticks net after commissions....it could have and should have been much more.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
4 trades, one was a mistake I was able to get out of at BE, the two 30 tick winners were pretty much text book entry and exits for me and the +10 was a nice entry but for some reason I saw a lot of support along with the fact we had just come down quite a bit from the trend line.....i was worried about stop placement so rather than worry about it, I just took it off at ten.
+70 ticks today.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
