Last week ratcheted my level of accountability in my trading up a notch (or two) I decided, against my ego driven desire( which is to be right rather than profitable), to employ hard stops on all trades employed in the Meantrade method. The results were excellent. Only 3 stops and the other half of the trades either worked out for modest gains or screaming winners. It is the kinds of results one would mark as PROGRESS with caps and a big smiley =)
This week will be more of the same. By using the Fibo extension levels strictly as support and resistance levels it means on some days when prices make the majoirty of their move before the opening range is established(as is the case for GJ today), I will be sitting on the sidelines and perhaps need to supplement the levels with something else to create entry levels.
I have considered using extreme volume bar ranges taking the highs as resistance and the lows as support. It does not always match up with my trading ranges, but I have noticed when these levels are in play, they tend to be extremely accurate and price does respond swiftly. Take a look at the above chart for a clear example.
To recap, the primary goal for the week to maintain my discipline by applying hard stops to all trades entered.