It seems I use my ‘Rule of 3’ to relieve boredom and revenge trade. Here’s an example of some shorts that have some logic to them but they don’t have an edge – they are a possibility rather than a good setup.
The important point about the PA on this day (21st May) was that there was a big down day the previous day with buying off a clear support area, so the market was looking reasonable positive but the PA context favoured a rangy kind of day.
With a positiver overall tone, the best strategy today would have been to use the Rule of 3 to buy pull-backs – then the setup works as context is everything..
Review of the trades shown in the video
- the first sell, at the pivot and 169 was valid but the entry needed to be better (i.e. more decisive, less responsive and at the level) – then perhaps s it would have seen 1:1 .. BUT retests are not trades to take on rangy days as they are asking to be stopped.. this is mean-reverting PA so we need value
- for the same reason, the second trade doesn’t make much sense although it’s better, as it’s far from the midline, but it was a short on the break of an already traded level while inside the Bollis so it’s not even a setup… most likely I was just bored..
- after that I bought the break out which is obviously the wrong trade for this pa