31st August 2012 Detailed Analysis

Focus was massively important today watching every tick this needs to continue.

31st August

1st entry poor entered off 3m not 1m need pull back on 1m entered at the bottom of swing on 1m

2nd trade:

Looked like complex pullback weak hands were shorts in uptrend going to test previous day high where stall had occured. Exited too early knew it was going to stop again at highs but the trade had showed me I was right so should have held until it tested highs

29th August 2012

TREND AND EXPECTATION

FOCUS, TREND AND EXPECTATION

28th August Trade Analysis

Today was a day when if I placed all the trades I thought about placing I would have made money but I was trying to stick to my rules which actually didn't work out on this occasion.  I feel like the hours I have to trade are difficult and sometimes I am waiting around for a trade that is then too obvious I need to be more intuitive trading with the strength and not with the weak hands.

Range day

Expectations

Using the Lance Begg's expectations theory I need to start utilising this more.  Look at price where is it likely to head to next.  Monitor how often this happens, plus have multiple scenarios if the first expecation occurs then what is the next likely scenario?

RULES

These are the rules for now if you don't follow them you will not move on:

1) Do not place C/T trades on a trend day e.g. open drive, opening test-drive
2) If trading  a level wait for 1 3m candle to print looking for doji, hammer, shooting star, etc to confirm
3) Do not close trades early

24th August 2012

Stop making the same errors or quit

This is getting ridiculous I was just writing about these mistakes I've been making and I've just done them again today.  Placed a crazy c/t trade that I hated as soon as I did it and I actually did it because I was reading some other crap instead of focusing which I have said loads of times.

STOP PLACING TERRIBLE C/T TRADES
STOP CLOSING TRADES TOO EARLY

Closed trade for +12 that went on to hit +40 with an MFE of 1

GOAL: DO NOT PLACE TERRIBLE C/T TRADES

Closing trades too early is tricky because I closed this trade at a strong ressistance area, this is when it would be useful to have multiple positions to close 1 and leave a runner.  I don't know how to manage this going forward with only 1 position.  The trade almost went back to B/E before going off again which is hard to watch after it hit +18.  I think I have to close at target and look for another entry.

Journal update

I have just re-read the entire journal and 1 key issue needs to be addressed:

I am still exhibiting exactly the same bad habit of closing trades too early I did it again today and the main theme through this whole journal is to STOP exiting trades too early!

This is my goal now I have to stop doing this indefinitely not for a week or two weeks I have to ingrain this behavior into how I trade.  Micro managing my trades does not work it may work for other people but for my style I need to hold the trade until it is wrong.  When I am getting my bias and direction wrong for the day the losing trades are going to be bigger but when I do get it right I am going to capitalize on the situation.

STOP CLOSING TRADES EARLY!

23rd August 2012

Took the trade correct trade with trend retest of important level trade went to +12 came back to 0 closed even though the trade had not been invalidated it then dropped to 20+.  The only reason I got out is because I did my usual train of thought I don't want to take a loser.  This is a wrong as I have written about before this makes no sense you have accepted the risk on the trade the trade has not shown you its wrong the price action is still conducive to the trade working you have to hold the trade.  For the way I am trading this seems to be the better way micro managing trading for me does not seem to work.

Lesson: Hold the trade until it shows you its wrong
GOAL: Do not close any trades for any other reason than the trade has shown it is wrong or has been stopped.

16th August 2012

Took the C/T trade in front of the 100 point move.. the w/t trade was what we really wanted and there was 1 to take but I chose to wait for the c/t? why I don't know.  This is obviously not  a range bound day I think for some reason I think I want to take the c/t trade because if it works you are more likely to get more out of it hoping for a massive re-trace and thinking that the move is over done.  Poor analysis and poor execution.  Look at the structure trade with the trend.

Lesson:

Its a trend day trade with the trend and keep going no matter how much you think its overdone, don't try the C/T until you know the trend is over!  Multiple swings LH and LL.

15th August

Open auction, low volume

14th August Daily notes

Open = Open Auction

Looks like it could have posted the high of the day

Most the time there is a better price if you can see where you would rather get in wait for that price if it goes = missed trade wait for the next.