I decide to create this journal for my personal use.
Yesterday I suffered a meltdown when I went into revenge trading.
Hopefully, next time when I feel like re-entering trades immediately due to stops being hit, I can force myself to stop trading and post the trade in this journal.
Regards
panjm
The following user says Thank You to panjm for this post:
27 March (continued) and 28 March Trade and April Trade Plan
EURUSD:
27 March (continued):
Exit remaining half at 1.2780 Points: +41.5
28 March:
Price retrace then broke down again to the low side at 5pm candle on 4hr chart,
but then it totally reverse back.
Entry: Buy 1.2807
Exit: thought that it will go back to 1.2850, but it stalled at 1.2840 and comes down, so exit at 1.2826.
Then I went into unplanned trades by scalping the 15 min chart. It is dangerous for me and I am lucky to come out with +3 points.
Points: +22
Summary of 21~28 March Trade
Performance: +65.5 points
April Trade Plan
I decide to double my position size for April.
Stop:
40 points (full size)
80 points (half size)
I can sleep peacefully with the size of this stop.
It will take 5 full stop-outs for me to consider it a meltdown.
(5 full stops == 1% of my trading capital)
I will move my stops to BE when I am 20 pips in my favour.
Exit
I will try to place limit orders 1:1 or better.
I may take half profit when my trade hit 1:1.
I may even take full profit when 1:1, to build up some confidence first.
1st April:
Bank Holiday: should stay away but I traded the 15min chart. Loss 13 points.
2nd April:
I am looking at 1.2880 level for reversal, and during Asian session I thought I saw a reversal below this level.
Enter at 1.2846, stopped out at 1.2876
Loss 30 points
Note to self:
Should wait for European session to start on first day of week before any trading. Since Monday is holiday, Tuesday need to wait for European start.
After European session open, I saw a proper reversal bar, so I short again.
Enter at 1.2868, Exit at 1.2819 just above the lower Volume Profile peak (it is also just above 50% retracement)
Result: +49 points
