Few hours..., it'll be time to get back on that horse..., and ride it Only one way to go J - back ain't it... and sideways isn't a direction We're similar to assembly line workers - the process we follow; Trade plan (created for each trade) 1.) Signal / Entry 2.) Initial Stop loss signal / Stop loss price 3.) Target / Method of managing trade repeat RN
Today again focused on pulling the trigger. Usually 3- 6 trades a day . Today 12. After first 4 trades I was very pleased with my executing my plan despite 4 straight losses. Ended the day -9.00 pts. Still reviewing . There were mistakes (trading in a range) and some missed trades. I'll wait till end of week after more trades to judge whether I'm making progress or not. Mentally it felt like I did. Was calm, didn't get rattled too much and again , right or wrong, was pulling the trigger. HTF had major resistance around 3611- 3618. chart : Stop is red line . Blue arrow ends at minimum target. More charts in a bit 1 Short LH E. 3587.50 S. 3590.00 2.50 pt T 3574- 3578 Exit at failure to break swing -.50 2 Short FBO E 3596. S 3599.75 (3.75) T 3588-3584 Exit failure to continue -2.50 3 Long BO E 3599.50 S 3595.50 (4.) T 3610 Exit FBO -2.75 4 Short FBO E 3596 S 3599.50 (3.5) T 3588 â3584 Exit failure to continue -1.50 5 Long BO E 3605.50 S 3601.50 (4) T 3611 - 3615 Exit at target, TL break , take profits. Wanted to stay in. + 5.25
more trades. last trade not shown on chart. 6 Long (late entry) PB in trend E 3611.75 S 3609.75 (2) T 3616-3620 HTF Res and channel Exit FBO -.50 7 Short FBO Didnât like this entry E 3610.75 S 3611.50 E Poor exit. â2.75 8 Long BO HTF context not good. Target too close. Hope trade ? E .5 slippage on entry 3615 S 3613.25 (1.75) T 3616 â3620 Exit -1.75 Stop hit 9 Short PB after FBO E 3611.75 S 3614.50 T 3605- 3600 Exit failure to continue past support & Nervous. +1.00 10 Long off test of support. Poor entry, cancelled an order at lower price then went market. E 3612.50 S 3609.75 2.75 T HOD 3616 â3620 E no follow through , no edge â 2.00 11 Long Same trade as 10 E 3612 S3609 (3.00) T 3616 hod â 3620 Exit stop â3.00 12 Long 3610.50 10:46 pst S 3607.50 (3.00) T 3616 â3620 Exit stall +2.00 at 11:13 poor exit nerves still above support. Possible could have exited for +2 more
Not going to bitch too much â as I understand the challenging times â THIS TIME But please never do this shit again â it tantamount to the actions of a gambling addict⦠We're traders damn it ============================== Trades 6.., 7â¦, 9â¦, 10â¦, 11 â are all within the same range â furthermore â most of these trades are nearer the center of this range than one of its boundaries Trades 2.., 3 & 4 - also in a range with no clear signal for 3 & 4 (2 was still early in the formation of the range) ================= Letâs call thisâ¦, one for the lesson book â of what not to do.... and move on ====================== Get some rest J⦠tomorrow will be here before long RN
Any time we find our self using - would have..., could have..., should have We are hindsight trading We never have..., nor ever will have - that luxury Do what you do.... be okay with it.... move on If you're not okay with it - then learn from it... don't repeat it.., move on RN
OK got it , thanks. I need to watch the context and HTF better and avoid the range. Ain't that interesting. I know I've done that before; have the patience to avoid chop. I've got to execute the same EVERY day. There had to be some eager, hope trading going on today. Need to focus on price , no bias. Calm focus. OK
The only means available to us.., with which we can induce consistency into our trading.... into our results Trade well today - come what may RN
A mixed day. Missed some trades and had some sloppy entries. But I'm doing things now I had trouble doing before so I believe progress is being made. For example , exiting at a target has always been difficult. Fear of missing out on more profits has generally kept me in trades too long. Today trades 1 & 6 were properly exited at my target. # 6 I gave a bit of time to see if it could move higher then closed. # 6 I also was able to hold after the entry appeared to stall. Often I exited and then missed the real move. I think 1 & 6 were pretty good trades. +11.50 today . I think the second chart has the first trade. 1 Entry 3605.50 123 reversal stop 3601.75 3.75 Target 3612.75 target and resistance Exit at target +7.25 2 Impulse trade so just exited -.25 3 E 3585.50 LOD range break S 3589.25 3.75 T 3575 channel Exit on FBO. 3585 was support on HTF -2.00 4 E 3593.25 123 reversal S 3589.50 3.75 T 3598 Exit , failure to continue past resistance +1.00 5 E 3595.25 Pb in trend S 3592.00 3.25 T 3602 -3606 Exit failure to break swing & tl break - .75 6 E 3597.25 Continuation . Failed failure. S 3593.50 3.75 T 3602- 3606 Exit at target 3603.50 +6.25
Letâs do a plus and minuses⦠minuses firstâ¦, as I want to end on a high note â you deserve it Minuses Horizontal needs a lot of work â more to the point.., it sucks In each trade plan â include whether you entered long or short The TLs are a little sloppy / and some necessary ones missingâ¦, Pluses Half the trades of yesterday â yet profit (that says allot) Though I gigged the TLs⦠they do.., overallâ¦, represent PA nicely (they just need a little tweaking â nothing major) Save for trade 5..., I really donât see a bad trade in the bunch â unlike yesterday â today some simply didnât work out (it's called tradin) ===================== 1 Entry 3605.50 123 reversal stop 3601.75 3.75 Target 3612.75 target and resistance Exit at target +7.25 Comment Overall good trade Entry â Good Stop â Stop too generous Target â Good ================== 2 Impulse trade so just exited -.25 Comment Could have been a RBOD (range break out down) entryâ there is a range created by the PB Or a continuation short.., after the PB to 3598 ======================== 3 E 3585.50 LOD range break S 3589.25 3.75 T 3575 channel Exit on FBO. 3585 was support on HTF -2.00 Comment How the hell do you know this is the LOD at this point Pays to know the HTF context (which is the exact same on one's TTF - if one has the horizontal context created) Great job managing this one Entry â Good â it just evolved into FBO (stop runnin bastards) Target â Canât see it â so no comment Stop â Good ====================== 4 E 3593.25 123 reversal S 3589.50 3.75 T 3598 Exit, failure to continue past resistance +1.00 Comment Good trade â sloppy context drawn â reflecting PA.., which lead to â too generous of a stop Entry â Good Stop â Too generous (this is where drawing a tight UMTL â and a breach of that the stop â would have reduced risk) Note; when I say tight â the first UMTL is not hugging the bars Target â Given all the previous weakness â too optimistic ======================= 5 E 3595.25 Pb in trend S 3592.00 3.25 T 3602 -3606 Exit failure to break swing & tl break - .75 Comment Not an overly bad trade â but you were going long into R (previous swing high) â Good horizontal context would have emphasized this Entry â Questionable Stop â Good Target â Too optimistic ================= 6 E 3597.25 Continuation . Failed failure. S 3593.50 3.75 T 3602- 3606 Exit at target 3603.50 +6.25 Comment Entry â Good â but also a RBOU Stop â Too generous â make a breach of the bottom of the range the stop (~3596.25) Target â Good =================== Let's do it all over again tomorrow RN
Thanks. All your comments are very helpful. I failed to mention that on most of the trades that start moving in my favor I do tighten up the stop. Although they're still not as tight as you're suggesting. BTW , the LOD was the LOD made in the first hour and not shown on the chart.