this week was not good. I had to carry the baggage from week27 by realizing WTI losses.
On post trade analysis, this trade was not good as it required a higher than usual SL, and I did not realize the loss at the intended Sl level, and instead used a hedge to reduce the risk.
Not that good.
I also did not realize a big bull trap had already been confirmed by close of week27.
What was good that I had cut loss by monday, so I had stopped all future losses.
While triggerpoint method was fairly good on my personal use, there were some technical issues which i had to look into. The usage of stop orders , did not work well in certain situations. For the eurdsgd loss, it was a case of being hard done by poor broker spread.
Technically the trade has not been triggered yet but due to spreads, i was triggered in the morning. subsequently i had to cut loss.
I had a good start to the week by getting the gbp reversal right. However what I did not do was the usual style of keep getting money when I see them. There were several trades in which I was itm but I left the $$ on the table and eventually it became scratch trades, or worst, turning from itm to otm and realizing my losses.
Reviewing week 26 , it was a successful week in terms of profiting as it was due to constantly booking in profit, albeit it was 30-60 one at a time. Profits accrued in this way will move the account up fast; I had need to clock up more trades.
Whether trend or countertrend, I will be able to recognize and play them.
However, I need to be nimble when the situation calls for it.
1.on countertrend, I must remain focused in my objectives to see profits and lock them in.
Do not allow these trades to turn and bite me instead, otherwise there is no point in playing them. Do it right, and I will be bringing my trading skills to the next level. Do it wrong and it hurts my profitability.
Constantly be hardworking and go through all my daily SOP:
-checking for flying buddha, mean exhaustion/reversion
-check for big picture so i can continue to spot good trading opportunities.
everyday is a day filled with opportunities. Only sloppiness prevents me from reaching my objectives.
-do not forget to check the week’s schedule and always plan in advance. i always know this but somehow i still forget once in a while.
My best trades will be aligning h1 momentum with d1 big picture. I must constantly strive to achieve this.
yet the immediate profits are in the “now” trade. I must continue to work to detect the shift in dynamics and momentum change.
CAD news on friday was a good lesson for me. i had easily missed a good 100-150 pips by not doing enough homework on CAD.