Alright! Third entry into the trading journal. Last entry was a small loss. I get to recoup that loss plus in this entry.
Today started off pretty slow as I really had to be patient and wait for my entry. The setup occurred quite a bit today and I was able to make three trades. I took one loss of three points jumping the gun on my entry. I entered the trade with a relatively close stop loss, although the more I think about it I put the trade on too early. This is an issue, it has happened twice in the past five trading sessions. I almost immediately got stopped out for a 3 point loss. I wasn’t shaken and knew this was the trade.
I jumped back in, this time allowing room for the trade to work out. I moved my stop into the profit by one point, then manually trailed my stop with the price action. I got a little too close and was stopped out with a little over 2 points. This recouped some of the losses I made on the initial trade.
The last trade went better as I was much more prepared for this trade! As my entry target got close I waited to see my qualifiers. Once I put he trade on the price action quickly took me into the profit. I again moved my stop into the profit, this time a +1.25 stop. As the price action moved I slowly closed the gap, I got stopped with an overall profit of +6.75 points. This ended my trading day.
WHAT I NEED TO WORK ON:
Some of the losses I made today were avoidable. Many losses are not, but in this case they were. If I had waited for my qualifiers to line up more, I could have avoided that first loss. Exiting my positions a little premature. Almost all of the trades I took today, I ended up leaving about 10 points on the table because I trail stop my trades too closely! This is something I am going to have to work on in order to take less trades to make my daily goal.