End of Day Review
-0.96%
5 trades taken.
1 winners, 3 losers, 1 break even.
I am not gonna start from the beginning because that first loser doesn’t deserve further words.
What a great structure was formed this morning! I could still be on that missed Reversal FIBCON should I have been focused, probably around 15R by the time I write this with price wellll below the Open level you see at the bottom of the chart. Yes, 15% in one day could have been possible with an experienced trading management.
Price moved up after the London open at 8AM, made a new High and started the retracement. If we take into account yesterday’s correction, it was a bearish environment. Therefore, if prices retraces to the 61.8 Fibonacci level, a Reversal FIBCON could be in play. It would have been the trade of the month, but of course it needs one to be absolutely sharp on executing trades.
After retracing to the bottom zone marked in yellow, price went up, offered seconds of an entry point and started going down again.
I arrived 5 mins late to the party, time and practice will give me the skill to execute it properly in the future.
What can I say here? Price reached my stop loss and never came back to that level. Not even close to it.
I must confess I moved my trade tool slightly down, probably not to be out of a potentially good trade. That obviously moved my stop loss lower when entering the trade.
Fine margins as @daxtrader likes to say.
You may think I put the wrong screenshot above. That one was with the trading ongoing, at that time +1.12R but it reached almost +1.80R
Being by mid morning 2R down, I set take profit levels and ran away from the monitor.
The title of this trade was a huge spoiler, but it will at least allow you to say “nooo” as I did when I saw what price did, touching my stop loss at the breakeven level and doing exactly what I had marked, that is, going for the full length of the pink lines, a.k.a., measured move.
Were we talking about fine margins on my previous trade? Well, fine margins indeed.
This one hurt a bit. I know we are supposed to feel no emotions as traders, which tells that I’ve got still a lot to learn, but I thought a had a winner here.
The 1 min Moving Average only delayed the way up, and when it kept moving upwards towards the 5 min Moving Average, I marked the Fib Levels and saw an opportunity to enter.
I think that the trade was either a sell the 12528.92 level or a buy at the very same level once price broke it and came back looking for support, with the 1 min Moving Average nearby.
Low probability trade, desperate for a winner.
I was -3R for the day, bleeding and almost knocked-out, but when I saw this gem, 30mins before it happened, I was unable to excuse myself from it.
As emotionally I wasn’t in the best place, I set a Sell Limit order, placed the box right below the Open Level and stayed out of the charts.
I did spy now and again, is not that I didn’t care, but I was excited to see it executed before the US market open hours.
I guess there is nothing else to say rather than I could have gone for more, but that day will come when I am not -3R and I can risk more. At the time of writing, price kept going down, but the point here is to had taken a good text book trade that ended up in a nice 2R.
That marks the end of my roller coaster trading session, thanks for reading!
Hi Alex,
It will take time to tune back into things so be easy on yourself!
Well done on spotting the juicy salmon and catching it 🙂