Hi Ge,
Thank you for doing the exercise with me. It helps a lot to see the difference between what I think,what you are doing and identify the gaps and where I am deviating.
"Might be something to learn here and take note of and store in the memory banks."
Yes. As the price failed to make it back to the initial swing High yesterday and made a lower low and and lower high, you modified the TP accordingly to the recent swing high. This is what I noticed.
Another thing that I noticed is on Thursday, when price went up from 1827 area without holding lower, you gave the examples of journaling like "Price might only make it back to that simple 50 and reject. G took small profits back to the 50." Yesterday,the target was kept at the swing high(1870-1880) area and today it was modified to the 1840 area the new swing high. I was thinking why was the profit not taken at the S50 yesterday.
My answer to that is 1. You are showing me these examples in following rules (TP as per the rules is to target the recent swing high/low)and help in the learning process. 2. The timing and location of my entries last week was towards the top of the bigger channel with increased risk and too early. Now, since the price is further down, we can give further leeway for price to see if it make it to the top of the swing. Is that why? I am trying to understand the difference in context of these two scenarios.
Thank you for doing the exercise with me. It helps a lot to see the difference between what I think,what you are doing and identify the gaps and where I am deviating.
"Might be something to learn here and take note of and store in the memory banks."
Yes. As the price failed to make it back to the initial swing High yesterday and made a lower low and and lower high, you modified the TP accordingly to the recent swing high. This is what I noticed.
Another thing that I noticed is on Thursday, when price went up from 1827 area without holding lower, you gave the examples of journaling like "Price might only make it back to that simple 50 and reject. G took small profits back to the 50." Yesterday,the target was kept at the swing high(1870-1880) area and today it was modified to the 1840 area the new swing high. I was thinking why was the profit not taken at the S50 yesterday.
My answer to that is 1. You are showing me these examples in following rules (TP as per the rules is to target the recent swing high/low)and help in the learning process. 2. The timing and location of my entries last week was towards the top of the bigger channel with increased risk and too early. Now, since the price is further down, we can give further leeway for price to see if it make it to the top of the swing. Is that why? I am trying to understand the difference in context of these two scenarios.