Gav’s trading blog, be inspired by good trades

Short position of TIMSCI was established at 258.2. Initial stop was set at 259.8 which was subsequently triggered. One trade closed with -1.6 point loss which converted into -1.37R loss (uh! ugly). I should not have allowed the trade to be place since the initial risk was more than 1R. What was going on here? Second problem, I did not wait for lower high to form completely, the decision was made after looking at some candles (uh! stupid). This is a good but painful example to show how does a trade with correct setup, but wrong entry point can hurt my trading account. Ugly trade. Silly action.

In fact, there was another opportunity when a descending triangle was formed. I did not take the trade after making a -1.37R loss within a day. I decided to close the day with negative.

Chart will be posted later