:P well, of course a loss came, but I was hoping for a few more wins before that happened.. oh well. It's just back to chipping away yet again.. get those base hits! 😎🤜
Here's how the market led me astray
According to the way I trade.. it's a simple paint by numbers, kinda 3 ducks line up system.. so, it simply allows me to win most of the time, but of course there will be losses. Run away fast from any system that promises 100% wins or even anything close. (like above 90% wins).
Duck 1 - the 1 hour chart..
the bears are clearly in control, if there is any doubt (as in u don't see at least 75% red on the chart), the just pass on trading today.
Duck 2 - the 15-mnute chart..
also clearly bear, if the last bar is GREEN, then just wait for it to turn RED again.
Duck 3 - the 5-minute chart..
Bears, bears, and more bears.. OH MY! now we just want for a RED bar to get in on this trend.
Now ENTER..
the 'hard' part is probably remembering to always put in a closing pending order right after u get filled on the entry order. But after u do that a few times, it becomes second nature.
That's really it. Now just watch as the trade either hits its target, and the trade gets closed automatically with some profit, OR, price hits the stop loss and the trade is closed for a loss.
There are the rare times when u might manually close a trade for whatever reason.. like it hits +1-3% and u feel thats good enough and don't want to sit and wait anymore, or power hour is starting or some big news.. (good to be out of the market before any of that foolishness hits.)
Unfortunately, here's what price did as soon as my order filled..
I'm pretty sure some large trader with deep pockets came in as a BULL, and then pumped the market with yet another huge trade that caused price to just take off!
The good news was that my stop (I choose to use 1X, meaning I risk only the premium I get), so it really saves me from a big(ger) loss on days like today.
So I lost $90 today, let's see how it's been since the last loss I took..
- f 9/22225
- m 9/2535
- t 9/2640
- w 9/27-90
So, total won was 100, minus -90 equals $10 total profit!! :P
(hey, I can buy lunch with that)
😁🥪🍔🍟