10 trades, 4 losers, 6 winners | 60%
+4.23R
Consistency of daily routine and trading every day for the past month has been paying off. I am happy with a 60% hit rate, and of the four losing trades, only two were ‘Would Not Take Again’ trades. Although I think an average of 2 trades per day seems quite low, there were many potentially profitable price movements that I marked up on each day, and with more trust in the key structural levels I could have had a greater number of profitable trades.
My expected profits after 6 winners and 4 losers should be at around +8R (6×2-4×1=8). The reason my results don’t mirror this is because of greater than expected losses with the trades on Monday and Tuesday, and smaller than expected profits with 5 out of the 6 winners. 2 of these 5 winners could have seen larger profits with minor tweaks to the trade management, 1 trade could have had better trade Entry level, and the other 2 achieved maximum profit in the context of the trade. The reasons for the larger than expected losses were due to sharp spikes in price, which could not have been predicted. In 1 of these loses I should have moved my Stop Loss to break even earlier to prevent a substantial loss.
The takeaways from the last weeks trading, and things that I will focus on next week are as follows:
- Look to move Stop Loss to break even or into profit earlier, in order to be prepared for a quick move against the trade, especially in ranging conditions.
- Cut trades earlier when price action suggest that it may be turning against the trade.
- Do not get drawn into lower probability trades and be patient for higher timeframe set-ups.
- Allow higher timeframe key structure to dictate where to place Profit Targets and Stop Losses in order to maximise the potential for profit.
- Trust the Inner-FibCon levels when deciding where to position Profit Target.
- Be more decisive in taking trades after marking up a good set-ups.
Monday 5th
1 trade, 1 loser | 0%
-1.34R
15:59
M1 15min MAB | Sell | -1.34R
With trend, good Entry, good Stop placement, good patience. Passed on two lower probability setups at the 1min and 5min ema. An unforseen spike in price led to the loss. Should have moved Stop Loss tighter or to break even earlier to control losses.
Tuesday 6th
1 trade, 1 loser | 0%
-1.32R
10:25
M1 failed 1min MAB FibCon | Buy | -1.32R
Good impulsive move in set-up, good Stop placement, Entry could have been better for closer Profit Target. An unforseen spike in price led to the loss. Could have been more patient for the higher timeframe set-up.
Wednesday 7th
2 trades, 2 winners | 100%
+2.93R
09:53
M1 5min MAB | Buy | +0.93R
Marked up well in advance, good patience and a perfect Entry. Well managed, exited trade as soon as it looked to be turning. Should have moved Stop Loss within the 50 Inner-FibCon level to maximise profits.
14:54
M1 SUPCON | Buy | +2.00R
Marked up in advance and waited patiently for Entry. Waited for price to pause, then push a bit lower to get a good Entry level. Was a bit lucky that price hit the 2R level, and I should have taken profits at the 1min MAB.
Thursday 8th
4 trades, 1 loser, 3 winners | 75%
+3.12R
08:55
M1 failed 1hour MAB | Buy | -1.05R
Not very good confluence, strong bearish momentum and so should gave given price more room to move with the Stop Loss. Should have paid more attention to the price action, with a gap down and strong bearish candle before trade.
Would Not Take Again.
09:43
M1 SUPCON | Buy | +1.51R
Good SUPCON of higher timeframe key structure. Good patience for perfect Entry level. Could have used the structure for a tighter stop to squeeze more profits. Learned from my mistake yesterday and took maximum profits at the 1min MAB that formed.
09:54
M1 1min MAB | Sell | +1.08R
Good awareness and preparation for this 1min MAB to form. Taken at the 50 Fib level which is not always best, but in this context it was the right place to enter the trade. Good skill to switch from a buy trade directly into a sell trade to maximise profits.
13:18
M1 5min MAB | Buy | +1.58R
Good set-up with a bullish impulsive move breaking out of a short term range, and a retracement to the top of this range zone, with good confluence of key structure. Should have trusted structure for a closer Stop Loss, and been slightly more patient for a better Entry level.
Friday 9th
2 trades, 1 loser, 1 winner | 50%
+0.84R
08:40
M1 5min MAB | Sell | +1.85R
Good set-up, good Entry and Stop Loss placement. Should have trusted the higher timeframe D1 Bull Channel structure and left Profit Target at 2R, or gone for slightly more profit to make the most of this move.
09:16
M1 5min MAB | Sell | -1.01R
Lower probability trade, selling down into key structure after price coming up from a low. Could have saved this trade by trusting short-term structure I had marked up, moving Profit Target accordingly, but probably should not have taken this trade in the first place.
Would Not Take Again.