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Recaps are good, but I'd like to hear about what you are going to break the cycle
Mike
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I think I broke the cycle this week. All 3 trades that I took were all valid signals and I mentally checked off the entry requirements before entry and/or placed an order. As long as I continue validating every signal with my checklist, I only need to focus on
- building up more confidence/faith in myself
- polishing my trade management skill (when I'm in a trade)
- eliminating my bad habit on aiming for a better fill
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post:
I'm scalping and do not want to stay in a trade for more than 5 minutes. Actually after 2-3 bars (2 minutes or so) and my PT is still not getting hit, I will start looking for an early exit opportunity.
Note: I am using a 3-range chart and should not take long to complete a trade IF the signal is a good one.
There's a high probability conservative signal (with divergence) close to 9:00 am. I had every intention to enter when it broke. It did break and unfortunately went straight up within milliseconds. Only those who placed a Buy Stop order got in and not me.
I don't feel comfortable to have a Stop order and prefer a limit one. Unexpected slippage often turns a profitable signal to a losing one. When price movement is swift, slippage will happen.
Hmm, it's the only conservative signal this morning. Now I need to come to term with my preference (stay with limit) or consider placing a Stop order so that I won't be missed out.
I use stop orders but adjust my stop and target to where they would be if I hadn't gotten slippage. So, if I use a 10 tick stop, I either add or subtract the amount of slippage. I do the same for my target.
The following 3 users say Thank You to MWinfrey for this post:
There's a good signal right at 8:30 am news. Well, no trade!
Fortunately, another one came up minutes later and I took it. Should I say I was quite prompt to enter or price movement was a little slow to accommodate me this time?! When it seemed stalling at the previous bar's Low, I exited +4. It might be too soon to close the position yet I am happy with a green trade.
It's FOMC day .. price has been quite choppy so far. Tomorrow will be another day with lots of good signals .. smile ..
Have a Successful day.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
It's a valid signal with 2 divergence on the row. I stayed in the trade for 6 minutes until it made triple top .. not good sign to hold on to my short. Bailed at -4.
2. Second Trade (+2)
Started taking heat immediately upon entry. Exited +2 after which it went down and hit my PT LOL!
Note: Must add that DX did align with both trades upon entry.
Well, -2 for the day. Hey, I'm quite proud on my trade management even it's a pinky morning. More importantly, I completed my 10 live trade assignment .. Hooray!
Let me tabulate and report shortly. Continue enjoying your day.
Remember 3 is the maximum number of trades/day?! I just took my third one (supposed to be a higher probability one with divergence) minutes ago and it's +5. Did take some heat before its working to my favor. Hey, I broke my record, taking 3 live trades in one day .. haha ..
Oh, when the third one was against me, I did mumble a lot.
Soooo, 3 trades (2 winners and 1 loser) and +3 for today. Now, I don't know if I should include the new comer in my assignment .. smile ..
