THE STRATEGY LAB
Archived August 2004 Key Trades
Charts below reflect profit targets (PT's) based on Japanese Candlestick s/r levels. Profit targets suggest where the trader should have exited.
However, the trader's actual exit that's posted below in the commentary will not always be exact to the profit target (PT's) due to real trading conditions.
Simply, no matter how well the destination (exits) are mapped out...
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Key trades of the month that's posted below represents trades by either NihabaAshi or trades by another user of the strategies by TheStrategyLab.com
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These highlighted trades are not based on points. They are based on a trader's ability to recognize a repetitive price pattern and exploit the trade management of the price pattern...initial stops, trailing stops, profit targets and any contingency plans (re-entry signals).
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August 4th Monday 2004
Click on chart to see full size
Chart by QCharts
A White Shooting Star is one of my favorite short signals among Japanese Candlestick patterns.
The trading plan for it involves 3 different type of White Shooting Stars.
This particular type requires a delay entry after the actual short signal.
My entry error was that I enter too soon and when I got an actual confirmation to entry (5mins later)...I took the opportunity to add to the position at a higher price to compensate for the earlier mistake.
Short Entry @ 1095.75
Add @ 1096.50
Lots of supply and not enough demand
With that said...my profit targets had to be based upon the add and not the initial entry position.
However, I got a little lucky and captured more of my first profit target (pt1) and the same with my remaining profit targets except for the last few contracts.
There was a bullish divergence signal that was a key signal that an uptrend had a strong probability of occurring.
I could have covered those remainders almost 2 points earlier when that trade signal appeared.
Yet, I didn't have time to reverse the position because I had an important appointment.
Besides...reversing a profitable position via another trade signal is not part of my trade management (trading plan) for this particular Japanese Candlestick pattern.
Covered @ 1095.00, 1092.50, 1091.50 and 1095.50
Trade Signal Source: Trading Manual
Overall Trade Performance:
Realtime Realtime1 Realtime2
Archived Past Key Trades
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