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Hi there. I need some help in terms of improving my trading management, in today's session I made 4 trades (3 positive and 1 negative) and still ended up negative, I know that if my RR is better and I only trade at least 1:1 I am going to improve. However, I really like to analyse all bars when I am trading and this makes me take profits earlier. I still think it is reasonable to take profits where I took them.
This is my entries of today. I enter in the red boxes and got stopped out in the green one.
I entered on bar 3 and on the low of bar 4, expecting a 1:1 with the bodies of bars 1,2 and 3, but got out in bar 8 (limit order at the low of bar 5) due to bar 6 being a bull trend bar and the possibility for a DB.
As I saw bar 6 and bar 7, I also got in for a test of the bottom of bar 5.
I also entered on the low of bar 12 and put the SL above the high of bar 11 (beginning of the bear BO) waiting for a 1:1. However, the market turned in bar 14 (bad follow-through below yesterday's low) and swiped all my profits.
I also saw the entry of bar 11 (wedge and good signal bar) but I rather have better probability so I normally wait for an okay follow-through bar to enter.
And I know I could had out my stop above bar 10 and not get stop out but I think the high of bar 11 was also a reasonable stop placement.
Was this a bad management ? and what can I do better to improve ?
The worse thing is that I think I am doing an okay job in analysing the market but with one mistake all my profits go away, do you think is better to just hold my trades for a 1:1 (not the scalping ones) ?
I'm relatively new to this so take my comments with a grain of salt. The only thing I would have done differently is when you got stopped out, I would have waited for price to break that previous LH on bar 8 first... Looks to me as though price rejected the previous LH resistance right where you got stopped out. Maybe set your stop slightly above the previous LH (bar 8 since that was the peak) that way your confident its a change of structure, if it does break.
Good job in the first place. However, I would have entered differently. Your first entry would have been my first too, but the second and third would have been Bars 9 and 18 which are right after the reversals. I would have brought down my stops to the most recent high (above Bar 8). Then counting the leg drops, I would have waited for a third leg drop before taking profit. Or worst case situation, a double bottom 3rd leg. If it truly is a swing trade your stops above Bar 8 should not be touched. So the mistake I see here is that you didnt place your stop properly
