Today was another learning day as my losing trades have taught me that I need to refrain from using orders for trade entry unless I am applying my Turtle trading strategy. The screenshot below will demonstrate this.
I had placed an order at 2.144 with a stop loss of 2.1405. I was trying to capture any further breakout attempt to the upside. I had traded the last breakout, which was a fakeout and the details of this can be seen in the separate post here. As seen from the chart my order did get filled but was subsequently stopped out after price action moved to the downside.
Had I only traded based on the price action of the candles on that timeframe (my normal method) I wouldn't have actually taken the trade. Nobody in their right mind would enter a long position at the end of the hourly candle for which I took, it was a clear rejection.
If I am honest with myself, that order was placed due to the fact that I was fearful that I would miss out should it breakout once again. From now I am only placing orders when it is subsequent adds to position during a Turtle trade. What I can do instead going forward is just to set a price notification signal to alert me when price is close to a key level I am watching.
The result of the trade is detailed below.
Trade Clearly!
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