Recap: Technical Analysis 3 Trades: 2W & 1 L = +$280 Trade 1 + 5.5 pt: Entry Signal: B/O Buy 4175.5. ISL: 4172.25, manage with TL if applicable. Target: Range height. 4181. Notes: Price broke premarket range. 240 and 15 m context was in new territory in accordance with my observational skills. Target hit. Trade 2 -2.75 pt: Entry signal: B/O Buy 4199.25. ISL. 4196.75. Breach back into range. Target: Would have been managed with a TL if continued move. Target price was 4213.75, a measured move minus some ticks. Notes: This B/O failed, creating no PA confirmation of a second entry in original direction. Suggesting weakness, or more ranging to ensue. Trade 3 +11.25 pt: Entry signal: B/O Sell 4188. ISL: 4190.75, a breach back into the trading range. Target: Range height, PLUS a fill of the zone created off the open. Minus a few ticks. 4176.75. Notes: This entry was solid, moved immediately in direction then stalled. Failed to notice a possible resistance area with a pre market TL—where price stalled—it retraced back to entry, and continued to target. Retracement created a good second mouse entry in the original direction. Second mice, or B/O pullbacks, often provide good signals as well. ======================== Mental Analysis: There is work to do regarding trade 3 and The Emotion that was involved. I haven't experienced a scenario like this before, and struggled to maintain objectivity, and especially a neutral perspective of uniqueness, in an effort to execute flawlessly. Thankfully, in the face of "adversity", I trust myself more now, because I was able to still follow my plan, reminding myself of this market's uniqueness the whole time. I will still review trades 1 and 2, but there's some gold in trade three that I need to find. ========================= Trading done having reached daily objective. ====================== -JS
Preface: I've been wondering when there would be a day when the daily objective isn't met quickly. That day was today. It was a day filled with great practice. Today was a great day for practicing objectivity, staying neutral, and trusting myself to continue executing flawlessly. Today's motto before each trade was "To fully accept the risk of this trade, do I fully accept and embrace the possible consequences of this trade?" This question was an enormous help in objectivity today. ======================== Technical Analysis--> Today was different technically. Price continued to flirt around the daily AND the 15 m channel mean. 8 Trades: 3W & 5L = +$220.80 Trade 1 -2pt: Entry: PreMKT B/O Buy. Price 4156. ISL: 4154, breach into range. Target: Range Height. Notes: Price tried to break pre mkt range and failed as it did all pre mkt suggesting weakness. Trade 2 +7.5 pt: Entry: pre mkt b/o Sell. Price 4147.75. ISL: 4149.75 breach into range. Target: range height. Trade 3 -2.75 pt: Entry: PB range b/o sell. Price 4118.5. ISL: 4121.25. Target: range height. Notes: Zone created on B/O. Low quality signal. Retest likely. Stopped out. Trade 4 -2 pt: Entry: PB range b/o sell. Price 4118.5. ISL: 4120.5. Target: range height. Notes: Same signal as trade 4. Can’t figure out why a different stop loss was used in second attempt. Stopped out. If the same stop loss were used as in trade 3, there would have been no stop out. Need to revisit. Trade 5 -2pt. Entry Signal: Range B/O buy 4116.5. ISL. 4114.5. breach back into range. Target: range height. 4137. Notes: Stopped out. Failed b/o. Zone created on b/o, second mouse entry opportunity, highlighted by green circle. Signal still valid but trade not taken. Trade 6. -2.25 pt: Entry: Range b/o to zone fill. Price 4136.75. ISL: breach back into range. 4138.75. Tick slippage. Target range height zone fill. 4126. Notes: Selling into demand lines needs to be added as a filter in the method. Trade 7. +9.5pt: Entry: PB range b/o buy. Price 4146.5. ISL. 4144.5. Target. Range height. 4156. Trade 8. +6 pt. Entry. PB range b/o sell. Price 4134.75. ISL. 4136.75. Target, range height. 4128.75. Mental Analysis The one question mentioned in the preface assisted greatly in maintaining an objective perspective in the markets today. Even though there were losses, The Emotion didn't seem to be as loud today. The trades were quickly swept to the side, because Emotionally, the risk was truly accepted each and every time. When it was truly accepted, including the possible consequences of a trade not working, there wasn't much room for pain or disappointment. There is more digging to be done in reference to trade 4. There is possible "chasing" involved there, which led to a bad trade plan. The investigation will be later this evening. Trade 6 will also be investigated as it was again a sell into a DL. ============================== -JS
Quick Recap I'm off to work. Later this week I'll post technical reviews of this mornings trades. I have plenty to work on for the next week until I'm back to trading, I work the rest of the week. ============= Mental Analysis: This morning woke very fatigued from an overnight migraine. eww. Curious if there should be a filter especially if one is fatigued. Anyways... 4 trades: 4 L = -$192. Max daily loss hit. Stopped Trading. There is an obvious need to update a few pages in the trading plan. There is also an obvious need to analyze the mental game in respect to "objectively identifying my edge". That did not happen this morning. Surprisingly, the risk was completely accepted, on signals that weren't mine. Weird. First trade perfect. Stopped out. Then there was a continual placement of trades outside of method. I will take some time to figure this out. *Trades were almost placed from a mindset of attempting to influence the market. Now isn't that silly. As if the trades had any influence whatsoever. I'm really learning that I am not my Method. There were no feelings of shame or questioning of self worth which I find to be a good step forward. However, there is disappointment when one doesn't do their job. =================== Will post trades and mental later this week/weekend. --JS
============= Mental Analysis: This morning woke very fatigued from an overnight migraine. eww. Curious if there should be a filter especially if one is fatigued. Anyways... ABSOLUTELY. It's the second question on my pre session review. "Self-check. Rested ? Energized ? Alert ? Focused ?" I've had some of my worst days trading fatigued. Sometimes don't even realize it until after the session. Then I go oh, yeah I was tired. Rarely happens anymore because I'm aware to watch for it. There is an obvious need to update a few pages in the trading plan. There is also an obvious need to analyze the mental game in respect to "objectively identifying my edge". That did not happen this morning. Surprisingly, the risk was completely accepted, on signals that weren't mine. Weird. Likely because you were tired First trade perfect. Stopped out. Then there was a continual placement of trades outside of method. I will take some time to figure this out. Tired *Trades were almost placed from a mindset of attempting to influence the market. Now isn't that silly. As if the trades had any influence whatsoever. I'm really learning that I am not my Method. There were no feelings of shame or questioning of self worth which I find to be a good step forward. Good attitude ! Off day for you. It happens. jas
Thanks jas. It was a toughy. But I'm still here and ready learn more! I'll add it as a filter too before my day begins.
Trading tired, when I don't really care, not really focusing normally ends up with me blowing my risk rules, counter trend trading and blowing a huge hole in the account. Not that -$192 is a huge, it's just a down day, they happen, move on, nothing to see here!
Hang in there JS. Look at the positive side you followed your rule about daily loss limit. tough to do when you are down so good job!
JS After incurring losses - above would be an especially valuable exercise ============= Until completely assimilate that losses are okay - losses ingrain a negative message / connotation into us We need something to counteract that negative message / connotation - doing above will ==================== Good job sticking to the routine today RN