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CL finally broke through all the support which has been holding it up all week. On the daily chart it broke below support . On the hourly chart it broke through a cluster of bars which has been support over the last couple of days. (see green box) On the 15 minute chart it was in a downward channel overnight and it broke out of it this morning. Could be a volatile session on the open. With these big bars it makes it more difficult to find a good entry spot. I will be waiting to see what develops.
My goals for today:Trade my plan. Dont force trades. Wait for the trade to come to me. Manage the trade through my targets and stops. Have patience and let the trade play out. Don't let fear or indecision keep me from taking a trade. If the conditions are met take the trade!
This loss really came down to the mental games of the combine. My avg win and avg loss are fairly close. In the back of the mind I was thinking if I close it out with a small win then it will draw the numbers closer together. If I go with a small loss then it make it further apart. I dont mind the daily loss limit and the max DD but the other numbers put me on edge. I guess its good to have these parameters in place but I feel like I am gaming the system when I have to make a decision like this. It just feels like cheating to me.
3 losses in a row. I am done for the day. Today's difference between have a winning day and a losing day came down to 3 ticks on the first two trades. Two ticks away from a target on the first trade and one tick on a stop on the second trade. Days like this will happen, its part of trading.
Ended the week down 8 ticks. -165 net when commissions are added in. I am taking this as a good week; I did not hit my loss limit nor did I give back all my gains from the previous two weeks.
Good trading, Robert! Looks like you are having same situation in crude today as I was having in gold, big down trend but no follow through on breaks lower for most part. I think your trading is good and consistent, maybe, just, that you need to concentrate to capture larger winners, same problem as I have. Keep doing it, good consistency. Have a good weekend.