This was another lovely TL break even though the market was already down 1% over the last two days – this is impediment as the Dax can easily move 1000pts with barely a pullback.
But I missed it on the M1! I traded it on the H1 chart but I missed a real cracker on the M1. The market bolted straight through the TL which would have meant an easy 3R trade. So why did I miss it?
First of all, I saw this pin bar on the daily cash chart:
And that started me thinking bullish. This view was supported by the picture pre-open so I was focusing on the upper TL being broken and a resumption of the corrective positive PA.
You cannot miss trades because you forget to put the trade on. I have done this before. I forgot to place the order for a gap fill fade the other day and it was cracker .. but I did remember to do this on the loser. This is classic ADD behaviour which might look like forgetting but is more likely to be fear and resistance causing me to ‘check out’. This is why I focus on processes and procedures as part of my trade plan so that putting both sides of the trade on becomes a habit and therefore less likely to cause a mental disturbance and resistance
And on the subject of attention to detail, my lines were not at all good today. This is not something I have been reviewing each day but it’s and easy job so I will add this to my procedures. The line SUPPORT 1 made sense though as it was at CBOS, S1 and a major fib but SUPPORT 2 was just below the low and at an unfilled gap – that would be correct if the gap hadn’t been filled yesterday so this line should not have been on my chart. The weekly pivot + Fibs provided a great TP level for the TL breaks so SUPPORT 2 should have been at that level.