Thursday 5 December 2013

EOD chart analysis

I am getting used to only taking one trade each day now.  Hopefully, I will start taking more trades in the future if I see good entry signals.  There was a great reversal signal at the HOD on several of the charts, and It is a trade I used to take without hesitation. 

Today's trade is a reminder to me that I need to improve on my trade management skills and not get shaken out by the first obstacle.  I had a great entry on a very good premise of engaging the overall uptrend at a demand zone.  There was also very good reasons to hold on to the trade, especially after price had based inside a large volume climax churn bar with a very impulsive breakout.

However, as soon as I saw the 2 min reversal HVC bar, I was looking to lock in profits rather than let it run to it's target.  I had already moved my SL above break even and below a great engulfing bar, so I should not have tried micro managing the trade.  I should have done what I did yesterday and walked away from the PC and allow the trade to either stop me out for a small profit or go to it original target.

Here are the EOD charts with comments:








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