Day 2 of newbie 10 trade challenge.
Trade no.4
Entered long at 7:23. Good initial momentum but failed to reach first BE+5 milestone before reversing and hitting full stop loss (6.3 pips). After hitting SL, that same candle (A) which opened legitimately in the zone of interest, then went on to breakout below the current day's low before reversing across the trade entry line - but as this was a breakout no trade was taken. Shame because had I taken it that trade would have netted 20 pips. The breakout was only about .25 pip - would this have warranted a "cautious trade" rather than a straight exclusion?
Trade no. 5
A retest of todays high area of interest. Short trade entry taken at 14:15, which initially moved down well - hitting BE+5 but then reversed almost immediately after to hit the SL at BE+1.
Trade no. 6
Shortly after price set up another short trade opportunity which I took as it crossed down through the trade line at 14:45. Reversed immediately to hit full stop loss (-2.7 pips) and breakout. The zone of interest on this trade was quite tight here - only 2.7 pips deep. Ordinarily (i.e. when not following HoLo rules) I run with a minimum of 5 pips SL on my trades. If I'd entered with a 5 pip SL on this trade it would have survived the pullback/breakout and gone on to net 5 pips profit.
It looks like there was another trade later on, but by that point I'd gone to watch my son play rugby!
So end of Day 2 tally (pips):
From Day 1: +16.9
Trade 4: -6.3
Trade 5: +1
Trade 6: -2.7
Total: 8.9 pips (equates to 1.9R)
Not as good as yesterday but not disastrous - still in green territory, so still smiling
Trade no.4
Entered long at 7:23. Good initial momentum but failed to reach first BE+5 milestone before reversing and hitting full stop loss (6.3 pips). After hitting SL, that same candle (A) which opened legitimately in the zone of interest, then went on to breakout below the current day's low before reversing across the trade entry line - but as this was a breakout no trade was taken. Shame because had I taken it that trade would have netted 20 pips. The breakout was only about .25 pip - would this have warranted a "cautious trade" rather than a straight exclusion?
Trade no. 5
A retest of todays high area of interest. Short trade entry taken at 14:15, which initially moved down well - hitting BE+5 but then reversed almost immediately after to hit the SL at BE+1.
Trade no. 6
Shortly after price set up another short trade opportunity which I took as it crossed down through the trade line at 14:45. Reversed immediately to hit full stop loss (-2.7 pips) and breakout. The zone of interest on this trade was quite tight here - only 2.7 pips deep. Ordinarily (i.e. when not following HoLo rules) I run with a minimum of 5 pips SL on my trades. If I'd entered with a 5 pip SL on this trade it would have survived the pullback/breakout and gone on to net 5 pips profit.
It looks like there was another trade later on, but by that point I'd gone to watch my son play rugby!
So end of Day 2 tally (pips):
From Day 1: +16.9
Trade 4: -6.3
Trade 5: +1
Trade 6: -2.7
Total: 8.9 pips (equates to 1.9R)
Not as good as yesterday but not disastrous - still in green territory, so still smiling
. So you'd still take a valid reversal entry on a breakout of previous day high/low - but you'd make sure you were more focused and ready to move SL etc as soon as levels were hit?
). Price took off with good momentum but then reversed shortly after breaking BE+5 level to hit SL at BE+1.
