D.R.&Quinch
Sergeant
- Messages
- 661
Hey Sive,
I am trying to think how I could have done better in the trades this week.
Our plan was correct. Market was between 61.8% and 100% AB-CD target on the daily timeframe and now market is almost done completing to 100%. Currently market is at 1.3665, about 15 or so pips away from our specified TP.
However, I am sure you are aware that price action was choppy and not only that, was very cunning and deceiving.
On the 4th of December, market plunged down past even 61.8% resistance of the hourly swing as a result of the ADP NFP. In fact, market was only 4 pips away from creating a new low on the hourly chart as a result from the ADP NFP. This resulted in a few of my trades to be stopped out at BE, and a few being stopped out with losses.
A few hours later, I saw market QUICKLY re-establish up move and consolidate at the level where I was stopped out previously on the 4th. As I saw this, I entered in various levels and market even went up a little bit for me to be able to set SL to BE. However, as you can see, market was very cunning and had a huge bullish SG on the 4H timeframe. Market went as low as 1.3540 before bouncing back up and taking us to the current level, at 1.3666.
I guess one thing I did learn is that you never should believe in a candlestick until it is fully closed. For example, on 4H, market went as far as 1.3540 before closing the candle at 1.3613. Therefore, I guess always waiting for market to confirm price by the closing of a candle is much better.
I just want to know how I could've done better. Am I too sensitive with setting SL to BE? This eventually resulted in most of my trades being stopped out at BE, which made me miss the opportunity up even though we anticipated it the whole week. How could I have played this week better? Is there anything I should have done differently? In your point of view, was this market action cunning and deceiving to you?
I understand we had a Butterfly "SELL" on the 4H which was not cancelled. However, at that period and time when we saw a nice 4H bullish candle turn into something similar to a shooting star, was it logical to keep holding? At that point (last night for me), it was a fast bearish candle. It broke through ALL fib. supports on the hourly chart. Not some choppy move down. Would it have been logical to keep holding and have stop below Butterfly "SELL" failure point? Or at that time would it have just been better to have closed all longs that have been initiated?
Looking forward to your reply.
Thanks a lot!
Implicit in this is a very strong arguement for not trading these timeframes.
