16 Aug – Why this Bear Flag was different from yesterday’s Bear Flag
16 August 201827 Aug – How to trade multiple breaks of a TL
27 August 2018Today I had until 9am to trade (not quite true.. I wanted to do something else more than trading and I loved the idea that I could make a pile a cash before 9am and then do what I wanted to do) and things were looking pretty good early on except that…
I left my TP at 12502.. doh
The market went to 12500 on the nose. This left me with profit on my trade of 100Euro (1R) vs. the 500 Euro available. It doesn’t take me any time to see that the TP is 502 and change it to 498 which has an infinitely greater possibility of being hit (cost -4pts, gain +48). After popping up to 12500, the market went back to retest the previous swing high.
The market went to 12500 on the nose. This left me with profit on my trade of 100Euro (1R) vs. the 500 Euro available. It doesn’t take me any time to see that the TP is 502 and change it to 498 which has an infinitely greater possibility of being hit (cost -4pts, gain +48). After popping up to 12500, the market went back to retest the previous swing high.
But I had NOT spotted and reacted to a key PA change: the market had exceeded a previous swing high and was very happy there – indicating higher. And it stayed above the breakout level but needed 3 TL breaks before it really hit the money
