How could I lose 7R in a day? Here’s how.

I was tired. I had had a terrible night’s sleep. I was anxious and scared. If I trade in the state, I lose.

Took an opening spike that was not a spike

I had just had a technical failure and instead of waiting to fix it, I just dived in at the first opportunity even though there was no set up.

Took a FUT session 1Min TL break into the 169 MA

This makes no sense as we know that this line controls the market when it’s in ranging mode. Plus the fact that the 169 is in the middle of the PA means that we’re in ranging rather than trending mode.

Did the same thing again  at the open- straight into the 169

I don’t know what I can say about this.

Sold a TL break that was not a TL break

The ON low was at 11505 and I used this as a minor support line. A KL just above a BNR means that there is no setup and you can’t trade it as a break but can trade it as a 3Min Bolli Band if it sets up.

Also, the market hit the TL while outside the Bolli Bands. This combined with the BNR below made this a very low probability trade.

Bought a 3Min Bolli Band instead of selling it

This screenshot shows nasty the opening PA was: a 30pt Move in 1Mintute? In this case – as always – stand aside as you cannot trade that.

How did I do this?

Then I realised that the market is ranging and traded two great 3Min Bollis

On the first one, a short at a great entry of 11542 I took 70% off at +12 (use a scalping TP as it’s a ranging market) but then it got to +49 when I had a TP of +50 and I did nothing. This turned a 1000 Euro profit (i.e. a 2R trade) into 234. Overall result +1R

The second trade was a buy at 11503 which cane very close to being stopped but ended up as a +1.7R trade. These trades turned a terrible day into a -2R which was manageable.

In spite of what happened today overall, what I did at this point was a first: I identified the PA context and traded accordingly.

Then I traded the afternoon session, buying 3Min Bollis in areas that were just asking to be stopped.

The cash chart weekly 200 MA was below, but I was buying minor TLs on the Bolli band set up. This makes no sense as the market will be attracted to the orders which are waiting below. I was distracted by the BNR  – one failed entry would be fine but to make the first so prematurely and the dive right into the second is asking for trouble.

If the levels aren’t right, or if the distribution of KLs is such that it makes trading too high risk, it’s time to stand aside as there is no safe set up. Instead of doing this, I was forcing trades.

Panicked when my TL break short was closed by accident and sold where I should have bought.

And to make things worse, I held onto this trade. There was a perfect opportunity to get out at BE on the whole trade and wait for a second break of the TL. This also meant that I missed short entry at the 169 on the 3Min cahrt.

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