WHAT IS THIS
Why are there so many strategies in the first 5 trades?
You’re only supposed to trade 1 set-up and get it to 100 trades and gather some solid stats and see if the objective strategy works!
But you decided to venture out and try out some waves analysis and study elliot waves and got back to your old self without the discipline and suffering from analysis paralysis.
Trade 1 was executed well, mistake was not shifting the stop to break even.
Trade 2 was atrocious, not supposed to be taken at all. Too many timeframes were used and the entry was somewhat forced. Not to mention it was going against a huge trend.
Trade 3 entry was late. Stop loss could also have been too close due to the late entry.
Trade 4 entry was late and forced.
Trade 5 was forced as well. Criteria not met. Price consolidated at support, but assumed it to bounce off. But guess what, it has a higher chance of breaking out.
From now on, there MUST be a checklist mentioned in every journal post before entering:
1. State only the reference higher timeframe and the entry timeframe.
2. Note the SMAs to create TAZ
3. Indicate on chart and check [Range ››› Breakout ››› Crossover ››› Pullback ››› Entry within TAZ]
4. Break out must register ADX(14) > 25
5. Cut out all other noise
Better not fuck up the next 5 trades.