Review:
Trade Management:
Exit on winning trade was according to plan. The initial climb was sharp. Waited for the creation of meaningful SL to fan the line. Exited 1st contract as price surged toward potential R of 3208. Exited 2nd contract as price stalled at R.
Plan was to enter on a continuation of the trend. After being stopped out of the 1st continuation, saw the trend resume. However, the long at 0902 was a very late continuation entry. A better option would have been the long at 0859.
Entry Level Management:
Sought to give trades a little more room today but this did not pay off. The shorts were well positioned, but the losses on the continuation longs discouraged ideas of giving the shorts much room. As a general guideline, it would be better to get tighter with extended continuation longs and looser with Reversals. Continuations demand an immediate move in the direction of the trend, while Reversals may need time to fruition, even though the Supply/Demand balance is in their favor.
Have started to feel comfortable with the Open. Over the past 2 weeks, these have consistently been my best trades. Now I need to become good with managing these positions.
I need to now focus on developing robust guidelines for entry level management just as they were for winning trade management.
http://www.sierrachart.com/image.php?l=1381504358766.png
Trade Management:
Exit on winning trade was according to plan. The initial climb was sharp. Waited for the creation of meaningful SL to fan the line. Exited 1st contract as price surged toward potential R of 3208. Exited 2nd contract as price stalled at R.
Plan was to enter on a continuation of the trend. After being stopped out of the 1st continuation, saw the trend resume. However, the long at 0902 was a very late continuation entry. A better option would have been the long at 0859.
Entry Level Management:
Sought to give trades a little more room today but this did not pay off. The shorts were well positioned, but the losses on the continuation longs discouraged ideas of giving the shorts much room. As a general guideline, it would be better to get tighter with extended continuation longs and looser with Reversals. Continuations demand an immediate move in the direction of the trend, while Reversals may need time to fruition, even though the Supply/Demand balance is in their favor.
Have started to feel comfortable with the Open. Over the past 2 weeks, these have consistently been my best trades. Now I need to become good with managing these positions.
I need to now focus on developing robust guidelines for entry level management just as they were for winning trade management.
http://www.sierrachart.com/image.php?l=1381504358766.png
