Review week 6

Result: -5% by one failed trade on the Cable

There is not much to say, really. Other then that the outlook for the cable is still bearish in my view. My stop should have been above the long red candle of Feb 1, but I thought this was just a to big a stop. Maybe I should just have (again) stuck to the rules of my method. If this means the stop is to big for my appitite, then I shouldn't trade.

Failed short trade on the Cable
Last week (week 5) was a good week in which I gained 42%. This single run up made up for many small losses and then some. I have been recording my trades on this blog consistently since April 2012 and I wanted to see my performance in P&L compared to the money I put into the account so far. So I graphed out hte P&L curve since April 2012 normalized for the deposits I made. Here it is:
Normalized P&L since April 2012, +/- 130 trades

Well, that sucks. Totally inconsistent. Maybe I should consider commission trading. That way I would at least make consistent profits. It looks like I keep bouncing around break even by plus to minus 20%. I think I need to trade less and only trade the most obvious setups out there. That would mean I would only trade when there is this perfect trend according to the Ichimoku cloud. And then only trade inside bars that were preceded by candles in the direction of the trend. So really taking advantage of small consolidations / corrective moves within obvious trends.

But in order to be able to do this, I will need to watch the market less. Therefore it will help if I could have the marketed monitored automatically according to my rules. I am working on this. Untill that time I just have to quickly scan for setups manually everyday. It is important that I do this quickly, so I will not start to see trades that aren't there.