The trading rules applied!
I had a lot of ‘rules’ in my head today regarding my trading which I wanted to adhere to. They were:
- Only trade when there is a signal, wait for confirmation before entry
- Try and hold out for greater profits, move stop loss to next level each time the market moved my direction
- Try and be objective, resist the urge to take small profit if the market is still behaving or going my way
- Watch for the longer term trends to gauge the directional trade bias and use the shorter timeframes to enter only
It can be hard keeping to the rules at times, I find that if the market volatility hots up, my anxiety increases which can force my hand to move the mouse and start clicking buttons… each time this happened, I took a deep breathe and tried to remain as objective as possible.
Ok, my first trade was a short at 132775. This was 1 price below 132800 which I saw as a short term level. The 5 min stochastics had formed a peak and there was a bearish candle. I was aware of the 5 day MA line at 132650 however and the market did bounce off this. I held my nerve and tightened my stop to 132950. I was thinking that the market would move further south with the topping of the stochastics… and indeed I was correct. I closed out at 132500 for +11. The market go down a little further from here before it reversed and went upwards..
My second trade was another short as the market fell through another short term level. I shorted at 132350 and took it down to 132150 for +9. The 5 min stochastics were oversold at this stage and I could see the market going up before going down again (as the 15 min stochastics were still showing us a sell).
I took +20 today which I am pleased with particularly because I managed to show good discipline!
seeing from you trades lately I can firmly say that you and I trade the same way.. and the method is learned from MT.. wouldn’t you say? 🙂