Erik's Journal

My Journal

Order flow is what moves the market in 1 direction or the other, an imbalance of buyers or sellers. Market participants place orders when certain conditions are met IE: Price hits S/R, Pivot Point, Round Number or an obvious supply/ demand level ect..

Well another week is here and with it comes new opportunity and room for improvement. After much thought I've fully decided that I MUST actively incorporate the daily chart into my position making process.

Simply trading smaller TF's without fully understanding where and in what context I'm at on the daily chart dosent provide enough information for me to make consistent, accurate High RR trade decisions on smaller TF's. Although I've been an allstar at intraday trading it seems without warning I can turn from allstar into bench warmer. In actuality it's the product of neglecting the Power of the trend and a high RRR. Learning to work within ones current limitations will allow you too exceed your limitations.

That's why designing a system with a risk/reward and entry/exit criteria that's suitable to your skill level and mental/ emotional makeup is critical to ensuring a profitable, lengthy trading career.

At this point I'm flat E/U with a slight bearish bias although the next few days should point the way.

Chart