Today's Trade

I was not going to trade today, but I got itchy mouse fingers and took a long after I had seen limit buy orders on the 5 min and 12 range, after a retrace.  I also did something I do not usually do, and that was to add to a winner.  I have added to losers in the past (I have vowed never to do that again), but I have rarely added to winning trades.

Anyway, the premise of adding to the trade, was a sound one as price had broken above limit sell orders.  The trade worked out very well so I am very happy with it.  This trade fulfilled my methodology of taking trend trades on a retrace as per Dr Joe (see earlier post re: Dr Joe and trend trading).

I was so pleased with myself with this weeks trading (with the exception of that stupid losing trade yesterday which should not have been made.  More on that in another post).  However, I finally gave in to taking a counter trend trade after I saw a good opportunity with a failed effort to break a new HOD with a climax churn showing limit sell orders on the 1 min chart.

This worked very well, but as I entered as a short term trade, I only took 15 ticks.  I could have banked over 50 ticks into the close if I had held on to it.  I feel confident enough now to take counter trend trades again, but it must be on higher probability set ups, and I must also stick to my stop loss.

So going forward, I will be taking more than 1 trade per day if the opportunities show up.  And I will not be afraid of taking counter trend trades, based on very high probability set ups.

Here are some charts: