daily summary: Mon. Jul 6, 2010

5W, 1L, +4 pts on the day.



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My new system gave me 8 signals (but I only traded 5 of them), I found 1 setup on my own, for a total of 6 trades as follows:

Trade 1:
L1029, Stop 1027, T1=1031
actually exited 1030, +1pt

Trade 2:
S1033, Stop 1035, initial T1=1031
exited 1032, +1pt
This was right on the money, but I screwed up the trade management and exited too soon (was impatient).

Trade 3:
S1036.5, Stop 1038.5, T1034.5
scratched.
I was trying to front run my short signal here, and paid for it dearly with a scratch trade. It was counter-trend again, so definitely needed to wait for the confirmation.
The signal was to short 1038, which turns out this was the HoD.

Trade 4:
L1033.5, Stop 1031.5, T1= 1035.5
stopped out 1032
lost -1.5pts
This was my own discretionary setup. Again, I entered too soon and should have been more patient in waiting first for confirmation of the reversal.

Trade 5:
L1025.5, Stop 1023.5, T1=1027.5
+1.0pt, +1.25 pts on 2nd contract
Much better waiting for the confirmation, a bit better on the trade mgmt.

Trade 6:
L1019.25, Stop 1017.25, T1=1021.25
+1.75pts, +0.25pts on 2nd contract
Good execution, good trade mgmt.


At that point, i was done for the day. My system gave me 3 more signals (L1019, S1020, L1015), but i did not take them.

So, the signals are golden. It was mainly lack of patience (entering too soon), and poor trade mgmt skills (exiting too soon) which prevented me from banking major coin today.
This is encouraging for me, I know what i need to do to improve, will try again tomorrow.