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I have now journaled my trades for a little more than two weeks and it's time to look at the results. Considering that we have had five consecutive trend days the last week, my comparable results over a longer period are probably much worse.
There is a lot of room for improvment, but my main problem seems to be bad planning. This is also in line with the feedback that I have so generoulsy received. I pick bad entry locations, enter several FOMO trades and take trades with too low reward-risk-ratio.
The easiest misstakes to correct should be to avoid FOMO and low reward-risk-ratio trades. To better read the market and to improve entry location will be a bit more tricky. I will pay more attention to
The problem that sound most serious to me is
More feedback on how to better read S/R is welcome!
My objective for the next week is to improve trade planning. I will take no trades with Reward-Risk-Ratio < 2.0.
Context Log:
Strong bull BO to new ATH. Minor HH trend reversal + LH trend reversal. Two strong legs down, failed bear PB and tight bull channel to new HoD.
Trade 1 (long): -1.5 points
Reasons for taking the trade:
1. LL PB after strong BO
2. Strong signal bar
Comment: I missed the BO so I'v been waiting for a PB and didn't want to miss it (FOMO). The strong bear momentum and the possible HH trend reversal were strong arguments against this trade. And price still was above VWAP. Should not have taken this trade. The only positive was that I uses a tight SL where I thought I would be wrong.
Trade 2 (long): - 1.5 points
Reasons for taking the trade:
1. LL PB after strong BO
2. Second leg in PB > 100% fib ext.
3. Price below VWAP
Comment: Entered on first bar after strong bear BO bar, before bar closed. (FOMO)
Trade 3 (long): - 1.5 points
Reasons for taking the trade:
1. LL PB after strong BO
2. Second leg in PB > 100% fib ext.
3. Price below VWAP
Comment: Entered on first bull bar after strong bear leg. Should have waited for a stronger bottom after the strong bear leg. I only saw the two legs in the big PB and didn't remenber to count the smaller legs after the strong bear spike.
Context log:
Opening reversal + DB bull flag (Big bull spike from YD + swing low), bull channel and strong bear leg back to VWAP.
No trades today.
Hindsight:
- the the micro DB bull flag after the opening reversal would have been a great entry.
- the big bar at the top of the channel was likley a climax and a possible good short, but the channel was strong and ATH was just a few points above, so I was hoping for some kind of 2nd entry, but that never happened.
- The PB to VWAP was hard to read. It could be a bear flag in the strong bear spike, but it could also be a small bull flag in the bigger DB bull flag, or market could continue to trade around VWAP until the FOMC news. I couldn't see any clues.
Good Morning Poseidon, I have some problems with your abbreviation. Attached at this message a report of my abbreviation...When I Can looking for that you use?
Inital bias
We have had the first PB after a strong trend. YD was an inside day. Overnight reached a new ATH after an news event. My inital bias is that we will have bull trend day.
