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I made a mistake. This entry was not a valid. The two previous trades where breaks of support and a new low of the day. This trade was simply a new low. The probabilities are less on these types of trades and they tend to pull back further which this one did.
After the two near misses I had on the first two trades I think I was emotional and made a rash decision. I should have taken a break and cleared my mind after the two losses.
Edit: "I think I was emotional" - Should be "I know I was emotional".
Robert
Thanks! I agree I need larger wins. The problem is I dont know the best method of setting targets. It seems when I try to go for anything over 20 ticks I get burned. Maybe I am getting in to late on the trade. I dont know. I will be reviewing my trades this weekend to see what I can come up with. Although, I dont think I am going to change my method at this point. I am too far into the combine and dont want to style drift and completely knock myself out of the combine. If anything I would like to at least get rollover.
Your combine is looking very nice!! You have plenty of time to finish it out. As you told me; Slow and steady!
Robert, how about increase the number of contracts for each trade?
You combine report shows you've the discipline and consistency of a good trader. Instead of stretching yourself for elusive larger targets, trading multiple contracts might be a better route. You can keep your current set up you're comfortable with. Just my thoughts.
I have thought about this many many times and there are a few reasons why I have not gone down that path.
The 30K combine leaves to little room for error to trade multiple contracts. With a $500 loss limit it would be very easy on a bad day to hit it.
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The Live Trader Prep which follows a successful combine only allows a $500 loss limit for the week. Two bad days in a row and you would be done.
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I thought about adding contracts once I got a cushion like $1000 but the problem I see is if I were to have a couple bad days like this week then I would have to go back to one contract and make up twice as much ground. Currently sitting at 915 had I traded two contracts this week when I was over a $1000 there is a possibility I might be closer to 700 today.
With that said, I think it makes sense to have multiple contracts if you have the appropriate plan and combine to make it work. I have thought about a custom combine and raising my loss limit to 700 or 800. This would give me enough cushion for my trading style to use two contracts. Its something I will be thinking about if I dont make it through this one.
Thanks for refreshing the idea. Something to think about this weekend.
Doji formation on the weekly charts last week. Generally indicates a top. However, on the daily chart we have had 3 days of rejection as price has tried to go lower. Last Fridays low touched the trend line and reversed. Hourly chart looks to be in a pennant formation. Overnight on the 15 minute chart there was a channel. Price broke out of it this morning. To me there are contradicting signals as far as the long term price movement goes. Short tern - Buy above 96 and short below 95.
My goals for today:Trade my plan. Don't force trades. Wait for the trade to come to me. Manage the trade through my targets and stops. Have patience and let the trade play out. Don't let fear or indecision keep me from taking a trade. If the conditions are met take the trade!
