Day 11, 11/11/21 Day trading challenge, trading crude oil, using charts on Uk.investing which are displaying Heikin Ashi Candlesticks and support and resistance lines following a day trading strategy which follows price action with a little pinch of luck.
Welcome back its day 11 now doesn’t time fly when you’re having fun.
It is 8:23am I have set my charts up and going to take my time today and sit on my hands until I see a trade forming in front of me. Stopping me from over trading and getting tied up in the miro movements of the market on the 1 min time frame.
I’m not trying to scalp I’m trying to day trade so need to zoom out.
Trade 1 Short -£10.53
Oh well just swapped over from writing this to see what the market was doing. It was giving me a little bounce up so checked my limits and setup. All looked good, I opened a short position and boom up it shot and took my stop out.
As always it’s now dropping making a new low, so yet again if my stop was bigger if I had managed a better open. I could still be in the trade but I’m not that’s history move on the next trade setup will be coming soon.
Trade 2 Short -£11.58
Ended up getting carried away on the 1 min chart again set my stop loss on the previous high.
That’s the issue right there using the 1 min chart again and that’s the crux of this trade failing.
I just took a look at the chart it’s jumped right up so even I had set my previous high
on 5 min chart it would now still be a loss.
Trade 3 short -£10.53
Placed and searched for my stop level again set up my open according to the plan.
Using a previous resistance level that I used to set the stop just above that.
Then it traded through my stop yet again then decided to reverse yet again
Trade 4 Short -£3.15
Messed up this trade went all the way to +£46 and I waited for it to hit my pivot line it didn’t and climbed all the way back up
I had adjusted my stop to a previous high which was -£0.52p but it jumped through this and took £3.15
Trade 5 long +£2.08
Just had my first trade close on me, I’m feeling anxious want to get back in and get that money back but no I’m going to wait the market is making big jumps at moment 20+ pips in one mind I don’t need to be part of it when the market is doing that.
I will wait, read a book, write a blog keeping one eye on the market for the next hour or so and monitor what’s happening.
The second trade wasn’t great either I used the 1 min chart to create a resistance level that wasn’t a level and took my stop out.
Third trade – made another boo boo I just wanted to trade again and again creating my own new level to trade from and it proved me wrong.
But the market reversed and dropped quite a lot but that seems to be the theme today not quite getting it right.
I’m getting really confused with my trading and starting to panic a bit about what’s changed whats happened why is my plan not working now.
I will take a look at my past profitable trades and see what I have done that I haven’t the last few days.
Closed the day down now at -10% which isn’t the way I wanted this to go but still, it’s only -£54 and I have had a lot of bad luck with my trades.
I need to stop doing that now trying to put blame on something it’s not it’s just the market didn’t perform as I expected it to it’s my responsibility my funds I’m losing so I need to do something about it.
Look like I’m going to have to put £100 in to keep my margin and be able to trade unless I start to get a run of luck 🍀
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