In an attempt to keep myself more disciplined, I've begun this new journal to monitor my trades, the logic behind them, and ideally have the ability to review this to enhance my results.
I am mainly looking to exchange swings on the 4hr timeframe. My egy has in part come mostly from Plutonites trading procedure. Most important lines on my charts would be the Bollinger Bands and Blue linear regression line.
Reason: Ranging conditions. Bounce off underside ring in conjunction with resistance.
Sopped out @ 159.80 -73 pips
Comments: Well perhaps I had been a little fast to judge such as being composed. The trend seems to be intact really. I probably should have waited to get a close and evaluation over the linear regression, or another test of lower group.
Remarks: Bad conclusions all round with this one. The entry was reasonably valid but probably should have never been accepted. There was rather a solid downwards trendline. Despite all of that, the transaction should have been closed out at -4 pips at the end of Friday but due to the bank holiday earlier in the week that I got it in my head that it was Thursday.
Well I Began the week Very Carefully. Bailed out of transactions perhaps somewhat early on some occasions, but I took a profit on these and can not be too upset about these.
What went wrong then? It started with a commerce on the swissy using a stop set too tight. That turned what would have been a winner into a loser, also had a large impact on the net result. Then I also misread conditions on the JPY transactions and required transactions contrary to significant trends.
1) Don't set stops too tight. Look to put stop above/under last support/resistance.
2) Look in the big picture. Search for trendlines that will indie a bias in 1 direction or another.
What went right? The linear regression is still an excellent cause for using the trend transactions. Look for these and ride until signs that the trend is finished.
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