The DAX trade was my only losing one of the day. And I can see what I did wrong. The bullish technical setup was BELOW rather than ON or ABOVE the 11,100 level. Although there was a bearish setup early in the morning, I didn’t take it because it would have been against the bullish 1H trend.
Nice simple trades. Good technical patterns, trading with the 1H bearish sentiment, carefully locating the trades around key levels and executing on basis 1/2 on stop-entry and 1/2 on confirmed breakouts. A little too agressive still with the stop-entry order levels – also was extremely lucky to avoid getting stopped on the 1st trade – I was saved by a single pip!
Nice trade on Cable – was only able to get on half the position – but it was never in a loss – so that was cool. I set T1 at R1 because I thought it would be unrealistic for price to get to the next key level at 1.5465 – it just traded through that as I am writing this blog post.
And this is the chart of the Oil trade I took really late on Friday evening:
And who was in charge today?
You guessed it – the Proficient Trader!
Evidence for that: Patiently waiting for good solid setups; targets, stops, position management planned ahead of time. Relaxed nerves during the trades – no fear to fire again after the losing DAX trade, no fear to go into Oil a 2nd time. Executing entries on the basis of stop-entries and confirmed breaks. No agonizing over what price did after I had closed the trades. In a nutshell, I traded well today.
However the Incompetent Trader also had his part in the day – and that is for failing to recognise that the bullish 123 pattern was BELOW the key 11,100 level. Never mind, I lost only 1R. The stop had been placed below the low of the day but it was still enough to take me out before trading sideways. I need to double check this stuff before I put on trades!
The Destructive Trader was well kept at bay today!
On the whole, a good day trading for George. Today I managed to put in place a lot of the things that I have been learning both from technical and psychological angles – and of course, I was fortunate enough that price went along with some of the trades.