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I think add on's should be at locations you would otherwise like to initiate a new position if you weren't already in one. Or you can add to it on breaks of significant levels......
Here's a chart with three possibles...
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Thanks Brian! This makes sense. Interestingly, when you highlight the suggested entry points I can see it.. but take the arrows off the chart and I am clueless. Clearly, I am newbie!
hmmmm, didnt know he'd done a webinar like this....I might watch it tomorrow just to see....but I'm not an Al Brooks fan as such at least in terms of his teaching style....(boring) but still, hopefully there's some value there.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Yesterday I took a live trade. I wanted to make sure my account was setup correctly and orders were going through properly before starting next week.
Trade went as planned. The entry was slightly late (a couple of ticks) but the target was spot on. Had this trade been in the middle of the week I would have held through the close because I felt price could have made it back to the middle of the range. Instead I took a profit where I thought price would pause. There is to much going in the world to risk holding through the weekend.
On the Daily chart; Price has broken out of both sides of the flag formation. We are now in a range; 8850 is the upper end of the range and 8650 is the lower end of the range.
I will be starting my live trading next week. Below is my self evaluation of where I am at.
High Level
I have confidence going into next week. I am nervous, but its not the fear which has plagued me in the past. Not worrying about how much profit I want or have to make has taken a huge weight off my shoulders. This has allowed my to take good trades without hesitation. I now have setups I believe in. This has helped overcome my hesitation and second guessing when taking trades.
My Edge
I have one! So here is mine: I believe in my setups and that over time they give me clues to the direction of the market and allow me to take advantage of price movement.
Goals:
My first goal is to gain confidence and take trades consistently. This will be my foundation. The next goal is to try different types of trades and increase size with scaling in and out. Once these goals are reached I will re-evaluate where I am at and determine the next steps.
Old Habits
This week I felt myself falling back into old habits; wanting to change my charts; wanting to rush into longer term trades(wanting to change!!); worrying about being right. For the moment, I have squashed these emotions.
Doing too much!
One of my biggest faults is getting totally immersed in whatever it is I am doing. I tend to go full steam ahead learning as much as possible. This leads to changing and adding things to the original process as I go. The downside to this is I never give my original idea enough time to see if it even works before I start modifying the process. The last two days I have spent hours trying to enhance my setups. I stopped this immediately when I realized what I was doing.
What I am learning
Scaling in and out of positions
Letting trades run
Better stop placement
Short term and long term trades; trades lasting several days to several weeks.
Best trades I have taken:
I had entry rules defined
I waited for the setup.
I diagnosed the market prior to taking the trade.
Before taking the trade I listed out the What, How and Why I was taking the trade.
Worst trades I have taken:
Trades where I did not define the "Why" I was taking the trade.
Break of support / resistance. I tested several trades this week and they failed miserably. I had no confidence in these trades.
Conclusion;
When taking trades where I believe in the setups I have a much better outcome. Defining "Why" I am taking the trade keeps me from making a emotional decision. If I cannot write down why I am taking the trade then I should not be taking the trade.
I think your there....it's been methodical, well thought out process to get back live.....
If you don't mind, could you reply to this post with 2-3 examples of the break trades that failed? I would like to see how you approach this and perhaps offer an outside view in either why they failed or perhaps a different way to approaching this to test in the future.
All around excellent job!
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Ok so these trades you've shown used to drive me nuts...the support or resistance was in fact broken....but what I noticed was this....IF you enter the way you did in these trades, you should use a reasonably small stop.....because these are often head fakes just enough to take out stops, trap people in the wrong way and then head back the other way....
But the for me, the correct way is to wait for a close of the bar BELOW the support, and then look for a lower risk entry after that....
Some including me have an entry of the break of the bar that closes below the support....or a BOB trade....break of the bar....
Another way to do this is to wait for the close below support, wait for a pull back to the support and enter on a limit order at that price.....this seems to work pretty well.....
hope this helps a bit.....
Here's an example from Friday.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Below is the first trade of the week. Lost 5 ticks on the trade. I did not let the trade develop as it should. Price is currently nearing my original profit target.
I am debating if I am going to continue to post nightly. I may do it once a week. My judgement was clouded tonight because I wanted my first trade "posted" to be a win. I need to remove this from the equation. Prior to this week I have not even thought about it.