12/20 Trade Review → -19pts/-$950 on 4 Trades:
Here’s a screenshot of the day’s action. I marked up 1 spot on the chart that I want to discuss. Keep in mind that the white horizontal lines indicate the initial balance high and low (which are the actionable entry levels for my strategy).
1. TRADE #1: Short at Initial Balance High → -6pts/-$300
2. TRADE #2: Short at Initial Balance High → -3pts/-$150
3. TRADE #3: Long at Initial Balance High → -7pts/-$350
4. TRADE #4: Long at Initial Balance High → -3pts/-$150
First 2 trades (shorts at IB high) I should’ve given a little more space (like a 7 or 8 point stop – especially trade #2). And last 2 trades (longs at IB high) were essentially impulse trades (especially trade #4).
Overall, sloppy trading on my end and I paid the price for it. Should’ve been around a breakeven day at worst.
Written by Matt Thomas (@MattThomasTP)
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