Keeping a more detailed log for insights on the tools/my edge.
The trade I took went a lot further than what I took out.
Market Condition Bearish. Daily/4h/1hr charts all showing Bears. It seems that the trix overbought oversold zone can also be an indicator of strength.
As the indicator slid into the over sold zone I got weary and I closed out with six pips fearing that price would come back and I might turn good pips into a loss and because I was oversold. Price continued downward from 1.3085 (My Entry) to 1.3067 (Pivot MS4)
Insight from this trade. The trix is an indicator and when overgbought or oversold I will consider that the move has momentum to make it to the next Pivot level including middle pivots. I hate the idea of not being as profitable as much as possible I feel like if I don't let my runners run and get the most out of my decisions then I'll just be hurting myself, however there needs to be a line in the sand.
When I'm profitable by how many pips do I decide to get out if price comes back?
Well I guess that would depend on how many trades that I take that I close out at, lets say 8 pips as my line in the sand, and the trade goes in my favor to the next pivot. From what I can tell the pivots are the way to go. That is the decision for now and we'll guage results to see if to keep this strategy.
Another note. I jumped into this US session, I just got off work and normally do not trade. But I saw activity right at 7AM, given I'm in the US if I can get my trading in at that time it would be a bonus.
Something I else I need to make sure I check News, I belive this is a non-farm payroll week. Probably a lot of news coming out. Also the MTF Indi showed a green box but again I'm going to figure out the best way to use the system for me so if I feel I have momentum and I get one green box I may still take the trade. I'll guage my progress and change that mentality if it causes me to be unprofitable.
The trade I took went a lot further than what I took out.
Market Condition Bearish. Daily/4h/1hr charts all showing Bears. It seems that the trix overbought oversold zone can also be an indicator of strength.
As the indicator slid into the over sold zone I got weary and I closed out with six pips fearing that price would come back and I might turn good pips into a loss and because I was oversold. Price continued downward from 1.3085 (My Entry) to 1.3067 (Pivot MS4)
Insight from this trade. The trix is an indicator and when overgbought or oversold I will consider that the move has momentum to make it to the next Pivot level including middle pivots. I hate the idea of not being as profitable as much as possible I feel like if I don't let my runners run and get the most out of my decisions then I'll just be hurting myself, however there needs to be a line in the sand.
When I'm profitable by how many pips do I decide to get out if price comes back?
Well I guess that would depend on how many trades that I take that I close out at, lets say 8 pips as my line in the sand, and the trade goes in my favor to the next pivot. From what I can tell the pivots are the way to go. That is the decision for now and we'll guage results to see if to keep this strategy.
Another note. I jumped into this US session, I just got off work and normally do not trade. But I saw activity right at 7AM, given I'm in the US if I can get my trading in at that time it would be a bonus.
Something I else I need to make sure I check News, I belive this is a non-farm payroll week. Probably a lot of news coming out. Also the MTF Indi showed a green box but again I'm going to figure out the best way to use the system for me so if I feel I have momentum and I get one green box I may still take the trade. I'll guage my progress and change that mentality if it causes me to be unprofitable.