Monday, August 12, 2019

Trading Recap 8/12/19

Days Recap

1st trade
Another trade I should not have taken

I took this trade as if it was a reversal trade. It was not. Why...because the reversals have to go opposite the trend on the hourly chart. This one is not. Now part of the problem was that I was rushed. Because I got up late...did'nt get the cpu set up until 8:35. Thought I had missed the trade so I jumped in and chased a trade that I should have never been in.
Results: Stopped put with a -6.25 x1 loss

2nd trade
Easy. Down trend on the hourly chart, Moving averages aligned on the 5 minute chart. Price cleared the moving averages, Pull back to the 8 triggered the trade.Buy stop at the 5 candle low. Trade entered 2 candles after the trigger candle
Results: Target hit + 5.25 pts

Trade #3

3rd trade off the same down trend of the previous trade. Market pulled back to trigger bearish trade. buy stop hit second candle from the trigger  Price target hit third candle after entry candle
Result: Target hit +6 points

Notes;

I definatly will use the over night data on both charts. I will not trade the GAP. Just focus on my two set ups the 5 candle high/low and the reversal


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