Today, was a nearly 200 point uptrend day, but I could not read the day early on. The best part of the day was the spike in the morning, when I was actively looking to short...
I had 7 trades today - 3 longs and 4 shorts. All the longs were winners and all the shorts were losers.
Early on, in the morning, I was looking to short below the spiking bars. Missed the opportunity to go long at the Pullback marked on the chart. After that, the day was difficult for me.
Trade 1: Short on BOF of yesterday's high.
Trade 2: Reversed to long when it broke the Day High. Also, can be considered a Range Compression trade. Exited when the move lost momentum.
Trade 3: Range Compression Short. Exited at Initial Stop Loss after 1 hour. If I was not already short, I could have looked at a BOF long at 7150.
Trade 4: Another Range Compression Short, almost a repeat of Trade 3. If I was not already short, I could have looked at a
BOF long at 7150 again.
Trade 5: Range Compression Long. Reversed to Short at Range Compression below 7200.
Trade 6: Reversed to Short at Range Compression below 7200. Day High at that point was 7199. Ideally, I would have preferred a BOF of 7200.
Trade 7: Range Compression Long above 7200. Held on for a long time, and then exited just before it spiked up. Was patient with this trade until the end. Held on to the trade even when it dipped below 7200 with a intra-Trade Drawdown of -26 points.
Number of daily trades is increasing with this new discretionary method. One reason for that is that I am trying to reduce intra-Trade Drawdowns, and capture points in the Trade when I have some.
No comments:
Post a Comment