Today's Trades

Today I had a good day . 1 had 7 trades, 2 losers and 5 winners. However, I am still taking CT scalps even though I have said on many occasions that I would not. They offer very little reward for the effort and have a lesser probability  to win. The 2 CT scalps I took, 1 win 1 loss.  I Came out $15 up on them.

Anyway to the other trades.  Gold was my main focus today and I took 3 trades with 2 winners.  I had seen what appeared to be the buying climax into a supply level, so I was looking for supply zones to short, I saw a HVC zone formed and price broke out to the downside, so I got short on the retrace at a throwback line. I should have waited for price to retrace back into the supply zone.  So I lost the first trade for 14 ticks.  I re-entered the short as soon as I was stopped out and held it for 46 ticks just before a demand zone from yesterday.  Price retraced back to the supply zone, and I hesitated about taking another short and missed the opportunity for another 70 ticks.

Another supply zone was formed on the down move I missed, and a very good looking one it was too. When price retraced, I got short, with only a 10 tick SL. Price moved down 30 ticks very quickly then stalled at a swing point and I decided to close for 28 ticks.  This was a very bad move as price soon moved down very fast for another 40 ticks.  I need to hold onto trend trades and not be shaken out so easily. In fact if I had held on to this trade, it would have earned over 110 ticks.

So for gold, I traded in the right direction, but trade management needs improving.

I traded the Euro on the long side after price had gone to a demand zone. I took 21 ticks, but the damn thing kept on moving up for another 130 ticks. Bah Humbug.

The last trade I took was on TF.  After waiting all day to look for a good supply trade on either ES or NQ, I saw the perfect opportunity on TF at the high of day, when we had a HVC zone with price breaking to the down side. After price returned and bounced off the zone, I entered a short and took profit at a swing low for 39 ticks. When price retraced back up, I was going to enter another short as a new supply zone had been created on the down move, but I declined this and missed out another 40 ticks.

So quite a good day with over 100 ticks earned. I am seeing these supply and demand zones really well, but I need to manage my trades better and stop counter trend scalping.