I normally take a look at the daily and one higher time frame like the 30M chart every day just to make sure there is room in the higher time frames to get a profit target off on the 5M chart and to make sure I'm not trading into obvious levels.
I didn't do that today and while the trade mostly worked, I might not have taken the trade...or I might have.....just not sure about that in all honesty. Regardless, the sell off happened so quick and with some strong authority that I knew I missed something so I looked at the 30M chart and sure enough, obvious levels right there for all the world to see.
I'm not posting charts as much lately but these needed to be shown for posterity.
My target was missed by two ticks and once price has moved within a 2-3 ticks of my target I always move to the midway point between target and entry....I made a promise to myself I would always get paid on a winning trade no matter what. No BE+1's mind you, those have been the bane of my trading but if the trade is almost finished, then no point in settling for a loser or a BE trade. Take something for the hard work. That's what happened today.
On another note. All winning days this week. I ended with +2.1RR.
Time to hit the books...well some coffee first then the books.
(EDIT) I think I need to revise my reporting. I just added up the RR's for the week and reported that as the total RR but I think that is wrong. My best win was a 3RR but if I add up the total risk vs the total reward, then its more like 2.5RR cumulative which keeps the total amount I risked over the course of the week in line with the total amount gained over the week.
For instance, if I risked $500 per trade and took ten trades for a possible $5000 loss for the week and ended with $10,000 in profit, that is a 2RR gain. So in the spirit of keeping both sides of the equation equal (see, I am catching on to the math) both need to be reported.
If anyone has a better handle on how to do this, drop me a line.