Daily Point of Control (1278.75)
Sold at 1278.00
Stop at 1281.25
Exit at 1281.25
Gross p/l = -3.25
Not a good result with the reintroduction of the Daily Point of Control, however it did indirectly bring home the importance of not cutting short the winners.
Despite this failing today, I should now be at a stage where I'll average 5 trades a week, which is my first priority. I think it's easier to commit capital to a trade if the chances are it will be the only trade of the day.
I thought it would be worthwhile looking at the p/l so far, and put down some thoughts.
Week ending July 11th: +2.75
July 18th: +1.75
July 25th: -7.00
August 2nd: +1.75
August 9th: +0.25
Hidden within those results has been an upward trend in the size of the winners, but a decrease in the frequency of trading as I've trimmed the least effective strategies.
What has surprised me, and is only really noticeable through writing this journal, is how much the plan has changed. This is partly through learning from others, but also shows the lack of confidence I had in some of the setups (e.g the single print trades).
The entry strategies I now have are:
(1) Weekly Pivot Points
(2) Daily Pivot Point
(3) Daily Point of Control
(4) Historical Market Profile "New Beginnings"
I'm still using a short-only strategy, however I have dispensed with limit orders and instead use market orders and stops.
Stops and targets are mainly being driven by current market volatility. This should reduce the need to get too obsessed with a trailing methodology, but also calls for a more aggressive attitude.