2 trades today + 2.50 pts. For the week +12.50 NQ pts. 2 weeks in a row of profits. The errors i'm noting that i make are mostly hesitation or not taking entries. I think this is partly lack of confidence, misreading price action sometimes and being overly patient. I figure with continued review of set ups and trades along with more screen time i'll improve. This has been my most common error lately so i will have to try to push myself to take more trades. Today i was feeling a bit rundown so that didn't help. The mistakes i used to make were more often chasing the markets, revenge trades and being impatient and forcing trades. That's not happening much lately. I definitely feel more in control of my trading lately. Have a good weekend Traders.
Thanks for everything JP. Even though i sense i'm doing most things right it's very helpful to hear from more experienced traders like yourself who confirm i'm doing ok. I appreciate it.
1st trade -1.50 but had MFE +4.25 2nd trade -2.25 3rd +5.50 MFE 9.75 Net +1.75 for the day. No complaints on first trade. Think i traded it fine. 2nd trade was questionable entry buying into resistance. 3rd trade was a buy of a triangle breakout. I would like to have entered this sooner but I didn't see any valid reason to. In review the exit was not ideal. I thought that final breakout would turn into a nice run. Being that it was still at a resistance area of last week i should have made that my target and been happy with 9+ points. Going forward my goal will be to concentrate on target exits. I was also feeling a bit excited (greed, hope) on the final breakout which probably influenced my read of price action. Again, having targets will help eliminate this.
I'd like to ask-Whats the fascination with the 888 vol chart??I use multi vol charts and multi time charts, not that I'm doing any better than you!
When i was first trying to find my preferred chart set ups i tried 1000 vol but found it a bit slow, then tried 750 vol and found it a bit fast so i basically split the diff then went with the 888. I believe '8' represents wealth in chinese numerology so i got that going for me . I've played with other set ups and currently use 30 minute, 3 minute and 500 volume charts for the NQ. During slow periods or in trade management sometimes the 500 vol is helpful.
Guess i was due for a mini meltdown -9 pts, 0 for 4 trading. Had a hard time getting a read on PA today. That should have been a clue to take it easy. I'm not feeling mentally sharp today either and guess i thought i could just force myself to focus. It was all very amateurish trading. I bought in a consolidation expecting a breakout and ignored the context and obvious weakness. And thinking , well if it can just move above resistance we'll get some nice short covering. I sold the low which quickly retraced. Stuff like that. On the plus side there were clear signs i should not have entered these trades. I see them now and usually do a good job of seeing them in real time, too. I did break a rule in that i'm not supposed to trade anymore if i have 3 losses in a row for the day. Tonight i'll get some exercise and a good night sleep and come in focused and ready tomorrow.
I feel bad, I was gonna warn you around 10 am. Sorry - but learning is better if market teaches you. GL
Well, at least i was focused today. Yesterday after my meltdown I realized i was pretty tired. Add that to the morning checklist from now on. Are you rested and in a good state of mind ? It occurs to me since there's no one here to monitor my trading and readyness I need to be both trader and coach. Yesterday my coaching ability sucked. I should have been sent to the locker room after the second trade. Today 0 for 2. -4.50 pts. Not terrible entries, i think. Second trade i did not manage my exit well. Overall i had a hard time getting a good read on PA again. Looking back i see a nice entry that i did not take. If time allows today i'll take a look on replay. I started recording the session today using Ninja's replay feature. Mentally i feel much better today. Just keep studying and not stress about past mistakes. But do learn from them.
1 trade + 2.25 MFE 5. Exit ? Hmmm... Didn't care for the price action today so played cautiously. Will review ' cause think i missed a decent entry. And so it goes.