First trade of the day, 10:15am, /YM.
I entered on a minor reversal candle on a bounce off VWAP.
Entry: 10318
Stop: 10306, one tick under VWAP
Target: 10343, 2 ticks under the day's high.
Update: Stopped out.
Results: Loss of 12 ticks
Overall results: -29 ticks, that is -$145
Daily analysis:
God help me I did it again. Since when is a "minor reversal bar" a legitimate entry signal? There is no such thing as a minor reversal bar! There either is or isn't a reversal bar, period. In this case there was not, so I should not have entered the trade.
The bottom line is this- trading is a hard enough business even with a plan, but to self-sabotage myself like this is just plain disgusting. This blog is great- it is showing me so clearly why I have been losing! Thank you blog.
(Beginners, please learn from this- log your trades. It doesn't have to be on a public blog, but is does have to happen.)
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