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Burbank, CA
Posts: 2 since Jan 2018
Thanks Given: 0
Thanks Received: 2
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1-11-18
P/L -175.00
S @ 2754.00
B @ 2753.75
R=12.5
S @ 2755.75
B @ 2755.50
R= 12.5
S @ 2754.25
B @ 2755.25
R= -50.00
B @ 2756.75
S @ 2753.75
R= -150.00
Trade review:
The first two trades I made were testing the limit buy/sells at the ask/bid levels. They were good little scalps.
Trade three was right on the reversal for the pullback to the next high.
Trade four was what knocked me out today.
I took trade four and waited, for longer than my usual hold time for a trade. I was waiting for the reversal off of the pullback, and was going for a take profit at 2757.75. The drawdown to 2753.75 was not showing a reversal in my eyes at the time. If I had waited for another twenty minutes, the trend would have reversed and continued upwards, yielding past my take profit for greater potential.
What I did well:
- Scalp 1 & 2
- Cutting out when I could not verify a trend shift on my own accord
What I did poorly:
- Trade 3, this was just a bad play in general.
- Trade 4, I waited too long to get out, having anticipated a shorter time frame for the play itself. If the play isn't there, it's time to go. As a result of waiting too long. I'm too close to the margin limit for the account, and will have to wait until I can rebuild the account total to continue trading live.
Action steps:
- Go back through the chart again
- Demo trade using NT, and build the capital again
- Look through the forums for information that will be useful
- Revisit the strategy type I will be using for this account
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