Week 5 review.

Week 5
Trades: 16
Total pips: +23.9

What did I do well?
I identified patterns in price behavior and took trades that exploited those movements.

What mistakes did I make?
I took that trade into the strong upward slope of support. In the past I haven't given much weight to angled support lines. Price never really seemed to respect them as much as horizontal lines. However, this time it was obvious that price was moving along a very specific support line. I should have realized that. I almost made the same mistake the next day! hah. But I caught myself and though, "Wait, this is the same shit that happened yesterday. I'll pass on this one." Learn and move on!

What did I learn?
See above.

Also, I learned more about setting dynamic stops, using 2 targets, and how they relate to my style. I experimented with different max size stops and though I haven't come to a conclusion yet, I'm leaning towards keeping the max at 6pips. I want to have the possibility of at least a 1:1 ratio. And doing that with anything above 6 doesn't seem to jive with me. It's highly unlikely that I'll hold any one trade for 10+ pips so it doesn't make sense to use a stop that large. But at 6 pips I'm able to get in and out quickly, which I enjoy doing and seem to be good at. It's also easier for me to catch moves that are less than 6pips and do it consistently. So making 6 pips the max seems the most logical thing for me to do. It means I miss out on moves that retrace further than I'd like, but that's ok. I don't need to catch all the Pikachu's.

As for 2 targets, I'm still working on that as well. I'm leaning towards all in/all out because it's much simpler for me, especially since I'm entering/exiting quickly. But I might experiment with 2 targets some more.

What will I do to improve my trading?
I will continue to work on identifying price action behavior and responding accordingly. Also, I am going to get a Kindle this weekend, ohyay! First book I'm going to buy on it is this:

I'm excited about it. Been really looking forward to it ever since I browsed through it in the bookstore.