Recap Notes:
Trade Review - Below Average
[OK]Seq Selection [OK]Entries [OK]Exits [Poor]Day Managent [Poor]Discipline
[OK]Seq Selection [OK]Entries [OK]Exits [Poor]Day Managent [Poor]Discipline
Sequence 1 - Took a 45 Single cycle against trend short and paid for it.. Note that block bars against the long trend tend to take a while to play out if at all, when they do its usually midday so its best to sit on the side and wait for another cycle NT. Anyway i closed out ok but had 1 extra lot on then i wanted, on friday my intention was to be light so that was a hand error that cost me a bit. Shorts have not been the business for me.
Sequence 2 - This Was a 15 cycle NT that had NO pros or block so i was taking a lower probability entry hear, but we had Rambo bars on the lows, the price break up a point or so but got quick rejection so bailed at about scratch. Had i closed the day here, that would have been good day management, as distraction came in and destortions kicked in. Trading after the 2nd Ti cost me big today.
Sequence 2 - This Was a 15 cycle NT that had NO pros or block so i was taking a lower probability entry hear, but we had Rambo bars on the lows, the price break up a point or so but got quick rejection so bailed at about scratch. Had i closed the day here, that would have been good day management, as distraction came in and destortions kicked in. Trading after the 2nd Ti cost me big today.
ADJUSTMENTS & OBSERVATIONS:
When we have a Strong Premise, Be patient - Today i got to too much on in the same spot, had i been more patient i could have got a much better entry and potentially a much larger gain, and been out much quicker. Think wholesale and Retail entry. Interesting though the Cash Tick did not move lower when price dipped which was a big clue that specialist was absorbing more contracts without putting the true market down.
Notice the first 4 bars as the rally got under way. This was a 2.5pt range bottom from my entry @ 1606
Acceptance is KEY - When the day starts off rough (2 or more losing sequences consecutively within 90 grind) accept the small loss and go about the day. The lack of acceptance of small or large drawdowns within the rules will usually lead to more losses and cause you to violate the key rules. You should actually be happy to take small losses on the day, they help me to refocus for a small price, they are meaningless in the larger scheme and are totally necessary to balance expectations. Today i failed to do this and paid with an outlier draw.
Study the Price Action - Particularly on test back to areas of Strength or Weakness, continued rejection(price is marked to an area and quickly bounces up 2 or more ticks) watch the volume to see if it happens on low volume or high, this will determine the likely break down or rally. Often rejection is the price action version of NoS or NoD
Limit your Exposure - Limiting Exposure preserves profits and takes the excessiveness away, i may miss a few entries, leave money on the table and exit a bit early but over time this has been the bases of consistent gains for me.
Work on correcting the following -
- Taking the highest probability sequences, stick to what you know.
- Trust your block bars when they appear.
- Give the sequence time to play out, if its clean in your favor 15 bars are a good timing point.
- NEVER TRADE AGAINST 15minute Block Bars.
- Protect your profits, Don't go entering *UQ* sequences.
- If the day starts off rough, be patient and think about stalling at a reasonable gain or loss. Don't try to push it when things are going bad. Get lighter on losing streaks and bigger on win streaks.
- Keep the size down for now until i can get my win % back up my normal range.