Well, I am trading with about 3 1/2 hours sleep last night. Probably a mistake. I lowered my trading size back to 1 contract instead of 2 and my first two trades were losses. In the first one I used a market order instead of my usual limit order and as a result got in to early and was stopped out to the tick exactly as the trade proceeded to hit my target. In the second trade I went for +10 ticks everything was perfect except when price hit my target it didn't fill. I gave it some time but once I saw that price was reversing I moved stop to +1 and was stopped out. So far, with commissions and fees I am down $57.36. As per my rules, I am taking a break away from the charts with the 2 losses in a row. I attached a picture of my 2 median renko chart instead of the 3 min chart for you to look at.
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Well, I got up after a couple more hours of sleep. I should have stuck to my rules and accepted the loss for the day and traded my sim account but instead I thought I would look at it as a new day. Big mistake! Kept looking for the market to reverse instead of listening to the charts. Here is my final results for the day:
Product Traded: CL
Total # of Trades: 13
# of Winning Trades: 4
# of Losing Trades: 9
Percent Profitable: 31%
No trades today. I hope everyone has a great weekend and profitable trading next week. I will be heading out on a quick trip to Wyoming early Monday morning and hope to be back Thursday but most likely Friday. So no trading or journal entries next week.
It's good to be back. I slept in this morning and got a late start. After doing my prep I saw an opportunity for a quick scalp of +5 ticks with 4 contracts. It worked out fine. However, I missed the second opportunity for +10 ticks while marking up my 1st trade on the chart and I just missed my third opportunity for +10 ticks while doing this entry. I am fine with missing both trades it is just nice to see the price action going as expected.
I knew price would reach PLOD but I tried for one more bounce at 82.04. In addition, to make things worse I widened my stop not expecting price to break 82.10 that quickly. However, I was stopped out at 82.16. Then on tilt I made a bad entry at 82.16 and once I saw that I had blown it, I moved my targets to +2 ticks where I was filled. Right now I am sitting at $200.00. My next planned entry was at 81.80 for +10 ticks and again it missed filling by 2 ticks. I didn't have the confidence to take the trade at 81.72 for +10 ticks but it would have filled and worked out. Never, ever widen stops - I know better!
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