Nov4 – Two small winners on Oil +0.76R

Today, I again only traded the afternoon session – between 1pm and 4.30pm.  Although I had been monitoring the charts from around 11am.

In terms of instruments showing a trend – I identified primarily all the Yen crosses (excluding CADJPY), gold, oil and two CAD crosses.  I have gotten quite accustomed to looking at the indices but they are consolidating somewhat this week, making it difficult (for me) to trade them.  That said, I did try to get into a short S&P trade targetting the 2000 level, but just missed out – that of course would have been a very nice trade.

In the end, I only took two trades – both on oil.  I ended up with a net win of 0.76R.  In documenting the trades, I had to admit that I had a “bad” entry on the 1st trade – though this was the first bad entry and/or bad setup in 8 trades – one of my milestones in November is to halve the “mistake” rate in the trades that I take.  Shockingly, in Oct it was 1 in 3 that was either a bad setup, or a bad entry!

I managed the trades in accordance with the position management tactics.  And I paid very careful attention throughout the duration of both trades. Good work.

oil 15m

Oil 1M

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2 Responses to Nov4 – Two small winners on Oil +0.76R

  1. Jerome says:

    Bravo George! Keep up your winning run. Your hard work is and will pay off. Managing the trade is key. 🙂

    Liked by 1 person

  2. Thanks Jerome. My management has already become more robust so that’s good. It’s certainly causing me less stress. I certainly say that the last few days have been a ‘winning run’, but yeah, let’s hope that hard work will pay off!
    Another lesson I learned on Monday, that when trading on the 1M and 5M timeframes, you really got to keep your eye on the ball in managing the trade. I was up 1R and 1.25R on two trades (AUDJPY and SPX), yet walked with a tiny profit of 0.3R across those trades – that’s not really acceptable. On Tue and Wed I was already much more careful and focused in monitoring the charts during the trades.

    Like

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