Something I will be doing after I get my game plan each day is physically saying what price is doing relative to the lines I have drawn on each time frame. Rn has recommended people do this an I think I really understand why. I have been doing it because it helps me , in the moment of decision making, listen to my mind in a logical process. It helps stop me from having myself confuse myself inside my head.
So I thought it over last night and I think I am going to post a chart each day and mention what I am thinking at the exact time of trade. Hearing myself say what I am thinking does help. The chart I will post will be my mid time frame chart. What I think I am actually doing is.......reading the market. Go figure. Today I was looking to get long at the upper circle if price went up or short at the lower circle if it went down. These lines are how I see the market and what price is doing. Price went down off the open and got into the lower circle. Both circles were placed prior to the market opening. It is my potential game plan for the day. I also have areas that are neutral zones that I won't trade. The reason they are non trade areas is because when I say out loud what I am seeing, I get conflicting reads. Trade today - 12:14 short Early price action leading into the trade area was price showing respect off of the open of the yellow channel. I would look to get short if price got inside of the purple wedge. I didn't short into the wedge off of the initial yellow line because it would be conflicting. I saw price put in a moderate tail for a short on the chart posted. It also looked like a possible stop run in the short term. The larger time frame chart had price also putting in a tail under a significant line to confirm the two time frames were in sync. Then I tuned into my trading time frame to wait for a break down of the channel intraday to give me an entry. Price did make a strong move under the channel. I also saw topping signs on the trading time frame 30min prior. Short term top as the days actual high was at the open. The line price appeared to react to was the purple one. My target was the other side of the purple "wedge". Almost right after entry price moved in my favor and formed another channel which is the most recent blue lines. Price almost reached the target very quickly but was just shy. I am holding onto this until a close outside of the upper blue line. As I manage the trade, I am looking for an argument that would normally put me on the opposite side. If the argument is convincing, I should exit. That is what the close outside of the blue line would be. Exit at 2:08 with 4 cents profit. It ran to a total of 31 cents. ------- Signing off at 3:08 today
So today I had my areas of interest in play but no setups. The circle off the open would have been a good area, but I couldnt find an entry. The move up was strong today and then went sideways for the most part. The move to catch was that first one. Note - I only trade the direction of my biased which changes as the day goes on from time to time. My biased is not me predicting so that's not to be confused. I also only trade in the direction of the channel price is reacting to or either side of the range if it is one.
I had a good handle on price today, but the candle action didn't give me a setup that fit. No big deal.