Well take a look at that. An AB=CD lining up with a smaller AB=CD, both meeting at fibonacci confluence before reversing direction and shooting up for profit. It doesn't get any better that that does it. Actually it does, because I didn't actually get involved in this trade.
I predicted this setup in the live room this morning a good half hour before in actually completed, giving me all the time in the world to place limit orders and stops. The reason I didn't is because...well it doesn't fit my plan at the moment for aggressive entry. So now the question is why am I so happy that this pattern completed, or why aren't I upset that I was unable to get involved. I'm happy because even though I'm not trading this as an aggressive entry at the moment, I am keeping stats on how many time this type of setup occurs and the results of each time. As discussed in the room today, I often revise my trading plan about twice a year. Its at this point in time where I pull up all of my notes and see if I want to either change an entry strategy, add a new pattern to trade, or even stop trading a certain way. I'm in no rush to do this as I understand that backtesting always comes first. That's why I wait patiently on the sidelines during trades like these knowing that I may be missing profits now, but in the future I will be able to make much more. Last year I added Bat patterns to my trading plan and they have become my favorite pattern to trade.
I'm always looking for a way to improve, but I also know that I just can't jump in and trade every idea I have. I need to be smart about it.
I predicted this setup in the live room this morning a good half hour before in actually completed, giving me all the time in the world to place limit orders and stops. The reason I didn't is because...well it doesn't fit my plan at the moment for aggressive entry. So now the question is why am I so happy that this pattern completed, or why aren't I upset that I was unable to get involved. I'm happy because even though I'm not trading this as an aggressive entry at the moment, I am keeping stats on how many time this type of setup occurs and the results of each time. As discussed in the room today, I often revise my trading plan about twice a year. Its at this point in time where I pull up all of my notes and see if I want to either change an entry strategy, add a new pattern to trade, or even stop trading a certain way. I'm in no rush to do this as I understand that backtesting always comes first. That's why I wait patiently on the sidelines during trades like these knowing that I may be missing profits now, but in the future I will be able to make much more. Last year I added Bat patterns to my trading plan and they have become my favorite pattern to trade.
I'm always looking for a way to improve, but I also know that I just can't jump in and trade every idea I have. I need to be smart about it.
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