My first trade was a Change of trend after a climax bar. However, I was early and was stopped out for 10 ticks. Although it was a loser, and the entry was not particularly good, I was happy that I did not increase my stop loss. I was then able to make a better entry on my second trade. However, I exited too early. I had 2 lots on this trade and should have only exited one and let the other run.
I then took a third trade and made 27 ticks on my second position after exiting the first earlier. As it turned out, I exited my last position at the right place as price did not reverse, but was in a retrace and subsequently reversed back into the previous trend. But as I was only looking for shorts, I missed the signal to get back into the long trend.
As I continue my learning process, I will hopefully not let my bias prevent me from seeing what is occuring on the charts.
The previous trades were on gold. I then took a couple of counter trend scalps on oil after seeing climactic action. The first trade was a little early, which made me close prematurely. The second trade was a good entry, but again exited too early and could have got 30 ticks from it.
My chart reading skills are developing and I am carrying out end of day analysis on the charts showing where the better entries would be. As both gold and oil, tend to have good daily ranges and will have big moves in any direction, I am looking to perfect my trend re-engagement technique to get the big trades, and I have been identifying the best entries on the Renko chart. So hopefully, over the next few days, I will take some trades with this technique.
I did not take any trades on my live account today, which is a pity.
Here is today's summary.
No comments:
Post a Comment