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First of all, I need to get better about journaling these trades in a timely manner. I tell myself I’m going to remember what was going through my head at the time, but I often don’t. Especially when it’s been more than a week since I took the trade.
Over the past couple of weeks I’ve bee on a better work cadence, though. So as long as I make it a priority, I’m confident I can be more consistent about journaling my trades in a timely manner going forward. At least for a while.
Now, for this trade. Price has been pushing up pretty much all year, obviously with some swings in there, but it’s been pretty steady. From mid-June – early August, price moved sideways; and a couple days before this trade price had broken above the prior highs before the sideways movement.
Entry
Entry – 185.35
Stop – 184.77
Target – 187.86
R:R – 4.3:1
Price was up on the day and, dropping down to a 2 hour chart, was in a perfect high base. I saw the base around 9, and put my order in, but it didn’t trigger until after 11. The base maintained, though, so I was comfortable with that.
Exit
Price really only pushed up enough to trigger me in to the trade, and steadily pushed down from there over the next several hours and hit my exit.
Technically, it stayed within the range the whole time, and didn’t quite get to my intended entry and exit prices. Slippage. Today, it’s something I take in to mind on each trade, but I don’t think it was at the forefront then. I just need to continue to be cognizant of the spread and make sure that I’m setting my entries far enough away that I’m triggered on actual breaks of support/resistance, not just when price gets close.
Otherwise, this was a great high base, and (while it was outside of the parameters of being a base) price did end up pushing above that resistance area and making a decent run. It was just the next day. Despite not journaling it right away, I definitely learned from this trade, and am making sure I take the spread into account with each trade.
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