Up 4R today – what went so well?
No setup=no trade
When I looked at the screen first thing I couldn’t see any setup, so I left the market alone. When I came back to the screen I saw where it was and I already knew that I wanted to sell the market up there.
Knew setup was strong so re-entered after a loss
I went straight back into what I knew was a great set up – even though the first trade lost.
Identified strong setup and a second entry opportunity to add risk
I also knew how high probability this trade was – definitely worth some extra risk so when the 1Min TL break set up as well – and was supported by bear pin bars I took that as well.
These were both 20+ R trades, so my profit taking needs some work… but nice trading nevertheless. Also since I knew where the trendline below was, I could have used that as a target.
Identified an important TL and traded it
While I was away from the screen, the H1 TL broke – this was also may support level -so the love was fast, with barely any heat on the trade to get to 1:1. I left 25% to run which was stopped at entry. This was a 3:1 trade, so again my profit taking needs some work.
Accurately identified levels
Overall, the reason why today went well was that I knew exactly where the levels were, and I knew how to trade them.
Use my concept of the Neutral Zone to orientate me
By having this marked on the chart I maintain a strong focus on the context of a move.
