I had a couple of trades like this one with no follow through :-(
and I could not trade in the PM. Last week I also had a few days like today; ending at break even.
However, I am only trading two setups right now, and that allows me to be more focussed and hopefully learn those setup quite well. My main goal right now is to obtain consistent and steady profits. As I mentioned in this post:
I believe that the only way to get consistent results is by applying consistent methodology and consistent execution.
4 comments:
Hey Anarco,
I like your resolve to stick to the plan. Good Luck!
Hopefully, the gov't stimulus and bad bank plans will get this market pumped so that we can move out of this trading range.
Hey Jamie~
Right now, I am also focussed on the 15min charts; that is the time frame I use to analyze the setups and determine my entry and stop loss.
The simpler, the better (and the more likely to stick to my brain).
We'll see how that works out for me!
And one more thing to report... right now it feels like I am going backwards (with all these restrictions and rules), but it seems like sometimes one has to move back (or at least step back) in order to move forwards, don't you think?
Thanks for the support!
Good ideas.
I have some questions.
How aggressive is your target? I'm assumming you went for the fib extension PDL to ORH?
Do you think your targets are a little bit aggressive for the choppy market we are in?
What do you think is reasonable is a reasonable risk/reward at this time?
Thanks
PDT~
These days I am taking partials and/or exiting at major PPS (R1, R2, etc), so I don't think I am being too aggressive.
For the SU trade, I was waiting for the 3rd WR bar and I would have exited there. But the 3rd one turned to be a reversal.
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