And I went long

I’ve posted numerous profitable sessions, so I need to be balanced and post trading that was not done according to our standards.

Looking at the last 15-17 candles on this 15 minute chart, the pin bars and bullish breakout that closed above the mid band showed strength and I tried to scalp on the 5 minute chart. I also moved my stop loss order lower after looking at some Fibonacci levels. It didn’t work out very well.

The mid band in a downtrend is potential resistance, there was a good short available. Avoiding things like this is will substantially improve performance.

Advanced traders might consider not taking a stop if their analysis revealed an opportunity to profit or break even. However, this has to be weighed against missed opportunities elsewhere.

 

 

A few quick scalps

 

 

 

Today we had some early losses to manage and rebound from. More than once today there was a scalpers profit available that was erased by indecision, distraction, and delay in exiting.

I traded heavier than I wanted to, with a much bigger swing than I wanted. The key is to get good at reducing losses and getting to profit on those sessions. In this case, I wouldn’t give myself a great grade on my trading as a whole because I wasn’t quick enough or got distracted. With some better planning this could have been a much more profitable session. We should note that technically the performance is substantially better than it looks as the costs are on the high end.

Still, it was a profitable session. However, the chart below shows a downtrend and the DOW has just moved lower – like 200 points lower off of a trendline on the hourly chart.