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Woke up to find I had made a little money with a pretty clean short. All other things being equal (which of course they never are), it's kind of looking like that sweet spot target is around 20-30 ticks or so for single average wave on this time frame. Gave back more than half of the profit on this exit. If I had been managing this trade manually I would have cringed in pain watching it go back the other way. Seeing it after the fact, and knowing it's just a dumb machine, it doesn't sting nearly as much. It just is what it is. More missed entries today, another suboptimal exit, but all part of the process of improvement I think.
Here's the daily view on cumulative net profit. Scrounging my way back up.
A scatter of MFE on all my trades so far reveals the symptom of the problem I need to either fix or decide to live with. Giving up a lot of MFE on each trade. Only way to fix it is to tighten the exit or target out.
Not the best day for me. I took buy after a pinbar showed on the WS2 pivot point. Looks like my stop loss is the current low of the market. :P
Price then made a demand zone which I decided to take another long in. Hold for the the Monthly Pivot point. To be honest, price could very well travel further up if this is the low. So right now my profit is the MP, further if I like price action. I also have a note on the chart to get out if strong price action is found at the downward sloping fork.
When I seen your charts I knew right away when I saw the stochs and Macd settings along with the 15ema, 50 sma etc. The confirmation on the 15 said differently from the 5min, patience for the high probability trade.
Just wanted to post this chart here. @FlyingMonkey had suggested looking at USD index (which I don't usually do). Looks like a reversal pattern with uptrend last few days, but now we're at an important area to the left, ride might get bumpy.
"It does not matter how slowly you go, as long as you do not stop." Confucius
