Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Friday, July 29, 2016

+.66....This trade brings me flat for the year.

Shorted three different levels today. The first one was an attempt to get on board a continuation trade. Three tick loss. Second one was the current day VAH along with yesterday's VAL. This one stopped at BE. Last one was a re-short of this same level. Stop was placed above yesterday's POC which is where the price eventually stopped and reversed back down to the current day VAL where it found support and I trailed out a few bars later as it found support. I added one lot as it broke through support and re-tested that level.

Price has rebounded as I write this to the previous VAL and is making new highs....looks like the longs from the VAL was the trade of the day and the one I should have been looking for but context was down so went with the shorts.

Risk on the first trade was minimal, second trade was same as the third trade but for some reason I elected to go BE but I immediately re-shorted just a few ticks higher and put the stop in the correct place.

This was the first time in my trading career I've taken the correct risk AND held it through the draw down to allow it to work itself out.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.