Day 8 of 21

Well, the bad news is I broke the only simple rule I had for the current 21 day plan. Instead of limiting my daily trading activity to 1 trade, I was compelled to make 3 more trades for a total of 4 trades. First was a BE trade after giving back over 10 pts. Second was a loss of 11 points after moving the IPS from -4 to -11. The third and fourth resulted in +13 and +9 pts of profit.
Net result +11 points.

OK, damage done, what can we learn?

#1 Trade-I did not feel good about giving back over 10 pts of profit but I really did not have a good reason to exit so other than starting with a fairly wide stop I can't find much fault in this one.

#2 Trade- Not only did I break my 1 trade rule, I moved my stop away to avoid a loss and ended up with an even bigger loss. Lesson to re enforce here is DON'T MOVE STOPS AWAY!

You will have plenty more opportunities.

#3 Trade- Entry was leftover bad vibes from trade #2...chasing the market...enough said. Fortunately this one kept moving in the right direction and I had a good feeling where it was going to end, the PP, and it did. Exit was nearly bottom tick.

#4 Trade- Best one by far. The conformation bar after reaching PP was a great entry, IPS only 5 pts allowed me to feel confident even when price retraced to my entry. I was stopped out at a well placed stop which locked me into 9 pts while giving me the opportunity for what I really thought would be more, even in hindsight.