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So opened charts and was scanning for setup 4k saying long 10k saying short and were at support on 4k the only little problem with long was that 1k had just shifted to short and all other smaller time frames were in sync with 1k and 10k . so i decided to go with the flow and took shorts...
1st trade - 90.56 took short and market took me out very quickly [ greedy of me .. tried to get in on smaller time frame push] -11 ticks.
2nd trade - 90.67 entered trade of resistance on 500 chart by this time 100 tick was going in opposite direction ..
added on lil later 90.58 once i got confirmation from 100 tick but price just kept going up and down up from where i added on down from few ticks below my stop i kept on checking various cycles and time frames waiting for some confirmation either side so i could decide about my exit.. finally it broke down and exited 1st trade at 90.38 and also exited 2nd by mistake at same price. net 37 ticks.
3rd trade -90.38 went back again in the market still sure market going down to my target and exited that at 90.25. 13 ticks.
Minor bump in plans .. was sick last week and i decided to try something which i wanted to try for a long time
and it backfired .. and in that process i lost quite a few chunk of my profits from previous few sessions writing it here so that i dont again go into research mode .. thats the small diversion .. and now for major diversion..
I read a book recommended by a friend who i respect and it shared a lot of light on what was happening with my trading for last few years now and how it was negatively affecting my trading in sense i was not able to get full potential out of it .. So for now m going to shift to the advice which is given and take it from there .. The only problem is that it has thrown out everything i trusted in the bin .. So it will be intresting to see how all shapes up from here on .. Hope you all had a great week.
Before the open we were at resistance on higher time frames but smaller time frame was against short so waited for it to get in sync before taking a short .. from there on it was straight forward it hit my target which was 61.8 extension of the move on the higher time frame and i called it quits for today. Hope you all too had a great session.
Completed one month of trading for this year and as i said earlier its a flawed start and right now overall i am in red....
Going forward :- I trade in parts that's few months and then and m done and i shift my attention to long term. This year as i explained earlier forced changes i wanted to increase number of months i trade short term and initially i was thinking something like 9 months this year but last month's trading review and m confident i wont be able to put in that many months maybe next year but not this year , So for this year i will be shifting to 6 month plan .. starting Next month 14th till july then a break of a month and start again in august. Till then i am going to try to get back my account back in shape.
That's all planning now to changes in trade management, i am going to use fixed trade management of all in / scale out ... till now it was all in all out or scale in / all out.
Some traders who i share most of my trading details asked me question y change something thats working fine .. y read a book and question what you know and try to change ..
Well the thing is normally i have a single huge draw dawn days in past due to euphoria , overconfidence etc .. and i recover from it .. This time also i will recover from it but the problem is this year i already have 3 of them that's tripled since last 2 years .. and that's the reason for concern .. and that's y all changes because to be honest i am tired of always having to dig out of it in the past i never cared as my friends stated i did not wanted to change something working but this time around its different the pressure is higher then usual and i need to completely remove that period out of my trading and hence all this changes. Will it work or no i have no ideas i can just bet on it. Here is a graphical form of what m talking about.
Took 2 shorts exited both at the prev low longer time frames were pointing towards retracement and mid went fresh short that was the basis of the trade... Hope you all had fun trading.
Well Today was the day which i was waiting for the first test to see if i had change or not , today i went in drawdawn early on as market was choppy and 1st trial of the changes which i am trying to bring to my trading not going into euphoric zone and overextending losses by adding to them or trying to scale into losses like in past... Today i was composed followed the new money and risk management, went down as much as -55 and then recovered it back and ended +10, 8 trade 2 win 6 losses.
so overall really happy with the progress made in short time. Hope you all had a better session then i had .. Thanks
Haven't traded much this week was just doing some fine tuning before starting on 14th. Next week will continue to trade on smaller lots will post the details when I do. Thanks