1 trade -1.25 pts Couple notes on chart. Not much else to say about this one. I don't think it's a bad r:r trade. Basically selling near resistance. If anything my failure was to misjudge the support. Or perhaps just stay out of chop next time.
2 trades yesterday -4.50 pts My concern at this point is that i become one of those traders who always thinks they're on the brink of finally getting it. My gut tells me i'm on the right path but my PnL says otherwise. Made some mnor adjustments this week. Spending more time watching 3 & 1 minute charts rather than volume charts. If i do look at volume it's mostly 500vol chart. I'm aware that many fail due to jumping from 1 indicator to the next w/o really taking the time to learn one method. Don't think changing charts counts as changing methods but it may take a little time to absorb. Refined my set ups a little as well. One set up i had was a trend anticipation entry. My write up on it noted it was the most discretionary set up i had. I'm taking it out. My set ups are now the basic pullback in a trend, failed bo/ , a couple reversal patterns etc. I have rules i should follow and i think i can more easily hold my self accountable with these refinements. Reviewing my initial stop placement also. May be going back to my old 3 point stop and then tighten if necessary. Might even go to a wider catastrophic stop and manage the trade as market dictates. I don't fully trust myself to do this and i still beleive my winnng trades rarely have more than 2 points MAE. I'm ready to take a leap of faith in myself and trade with new confidence and the patience to wait for good trades.
2 trades -1.50 3 minute chart attached which i'm using more frequently for set ups and then using 1 minute to time entry and exits. First trade i sold at support which is one of my problems i'm working on. I was fooled by quick drop and thought momentum would carry it lower. I think i'm about ready to be done making this mistake. There's a time to anticipate and a time to wait. I either should have sold closer to resistance or waited for confirmation of support breaking. 2nd trade had MFE +6.50 but exited at + 1.25 Now i can come up with several reasons to have exited sooner but in real time i'm not getting it. Clearly my "let profits run" is not a complete exit strategy.
Last post for awhile. Until my trading improves i don't think posting my ongoing mistakes is helping anyone; myself included. 3 trades today -7.75 pts I'll be back.
Drop this S/R, break out/down...mumbo jambo.... I see one Short - mega excellent short money maker...pounding at 7:35 AM and tne out and reverse long at 8:45 just a scalp- honering the big trend. Don't chicken out coz you had a bad day.. keep posting ur loosers. You need this. trust me. Check ur pm
OK JP for better or worse i'll keep posting 2 trades net +1 Only posting chart of 2nd trade. Wasn't thrilled with my entry short at support but looked like it fell hard from 2362 without a bounce and big pic trend still down I don't trade off of Elliot Wave but i did see a nice ABC correction and really thought about selling at 2362. It's not in my plan so waited and sold bit later at 2359.25. Marked up the chart with the EWT count i noticed. 1st trade had the right idea short but got stopped out. Probably a little impatient on the entry
Actual Prices (individual candles) are RANDOM do not focus on them. Once the trend is established, get in, entry price doesn't matter - i KNOW THIS IS HARD TO SWALLOW BUT then... and when you got it right (ur PnL will loudly suggest)...pound. Get out either wen you see a big move in your favour, or price action ACTUALLY justustify trend reversal. GL man...
Entry price does matter, especially to small retail traders. It determines how much risk you need to put up on that trade, and it can easily make the difference between a 5 pt potential profit and 10pts potential profit. And it could even make the difference between a profitable day or losing day. If the market is constantly oscillating, whether it be trending up or down, why would you want to enter short at the bottom of the oscillation or enter long at the top of the oscillation?