Nov 232010

My plan was posted premarket.

I took 3 trades.  That first trade pre-market ended up being the best.  I did not trade well today.  I think I sucked.

Here are the trades:

First trade was good for +4 ticks.

Second trade I shorted 46 (naked vpoc) and saw it wasn’t working, covered 45 for +1 tick.

I missed the top at 9:17 (double top at OS High).

Third trade I went long 31 and this was in my plan.  It didn’t hold and price pulled back to 31.  My plan was to scratch this trade and for some reason I didn’t.  I held it.  I added at 27 but scratched that and then added at 20 and scratched the entire trade for 3 ticks.

Had I scratched the first part at 30 or 31, I could have went short at 31 which was in my plan.  That would have been good for 12 ticks.

I didn’t trade my plan so my grade is an F for today.   I’m lucky I was able to end the day positive but I only did that by taking excessive risk (by not stopping out) and that’s bad.

Here’s the PL:

Comments welcome.

  3 Responses to “Bund results Nov 23”

  1. What MP software do you use, Michael?
    Interesting analysis. What really strikes me is that you were averaging down. Very dangerous as FT71 says. I think averaging up (Don Miller style) makes more sense. If you want to take a trade at 85 and you are not sure if you get it so you place orders at 86, 85 and 84 – that is imo not averaging down, because it is just a planned trade entry in an area. If you fade a move and it goes your way and you scale in front of a support or resistance and then it breaks through the wall it makes sense to average up imo (if it is planned cause that is always important).
    Regarding your SL dilemma I have decided for myself to never take a trade where I have no logic SL.


  2. Mike,
    Will you be able share your trade journal spreadsheet.
    Enjoy reading your blog, keep up the good work.

  3. Markus – I never average up. It’s not in my trading plan. I’m not saying it’s bad or doesn’t work, it’s just not in my plan.

    Today when I “averaged down”, I was taking valid setups per my plan. I could not pass them up just because I didn’t stop out of an earlier bad position. I agree that there is a problem here – but I believe my problem is not stopping out of trade 3 when it broke the CLVN.

    I’m seriously considering going back to sim for a few weeks. In the past every time I’ve done that it has helped my trading quite a lot. A compromise would be to take only perfect setups with real and the rest on sim. I’m overtrading and giving my trades too much room. I need to fix that.

    J. Thomas – I will definitely share it. I just have some issues I’m working out. I keep adding or fixing something every day. Very soon I promise. Maybe over thanksgiving while markets are closed (it’s not a holiday here so I’ll have extra time).

 Leave a Reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>