Nothing worked again today. Tried to learn not to move my stop, but all trades were stopped out either for initial losses or b/e. Last trade was the late day breakout trade I was waiting for whole day. Last trade could have also brought back today to a positive day. But I ended up getting almost nothing instead of a +40Pts gain. I also overtraded since I was trying to take many signals. The past few weeks I have been very conservative. Especially I have been very cautious on trading range and not to take any breakout trades when the day acting as a trading range. I did protect myself from taking false B.O trades but I also saw so many runs leaving without me. So today I tried to be a bit aggressive. 7:21 long. Breakout Pullback. it was a mistake that I bought at top of a spiky wedge reversal pattern. It was wrong that I didnât tight my stop 7:46 long. Breakout Pullback.+ High 2 long. Stopped out. 8:46 long again, Though Bull move is relatively strong, the Breakout Pullback would work this time, Market has been in a range(with YTD) for more than 4 hours. Stopped out again. 8:50. renter, H2 long. The great thing about this trade is I actually bought 2 tick above the bear bar. Only risk 6 ticks. I have seen so many times that large opposite direction bars that trapped traders out. Besides trading range, better buy below bars. It worked out nice. Trade quickly turned a 22Pts profit. I didnât take profit and thought this time it would break out, I was planning on to hold most of the day if it broke out. Again the mistake was not to tighten stop â¦b/e 11:09. short. Market tried to break to the upside more than 3 times and failed. The momentum dries out. There was a prior bear spike. So I took a L2 short and a Break down Pullback set up to downside. I didnât move my stop this time. But I was stopped out. I reentered at 11:46 after being stopped out. It was a D/T bear flag and another Break down Pullback setup. This time market sold off⦠I had my target at test of LOD, it was also a Measured Move target. But when I see the bar turned to very climatic. I thought I wanted to catch more free fall this time. So I took my target order outâ¦. And I also didnât touch my stop, since I realize that we are near the last half hour of trading. I didnât want to be whipped out! 60 min chart, looks like we are forming a D/B pullback, so we got a big room to run. But after price tested LOD by 2 ticks. A large bull bar 100 % reversed the bear climax bar. I still held. I thought it could be part of the retrace, There will be EMA shorts and some retrace after bull bar, I will see how price react at EMA and make decision. Until 12:47, it doesnât seem right to hold anymore. I was out at only +10 Pts instead of 40Ptsâ¦. Sad⦠PnL: $154, 6 trades, 33% winrate Although taking loss and overtrading sucks, but todayâs chart, aftermarket analysis and trade could be a great lesson for me to learn. I am currently working on the self-taught assignment that to compile and analyze 500 charts on paper. I have all the notes and set up marked on all the charts. Both from Alâs book and YM charts. Todayâs chart will the the No.170 to document!
Would love to see him in person someday. I am shy. Will be very happy even just see him from distance without being noticed and introduced. I understand he is very private! Watched a Taiwan gossip show last night, they were talking about him and his wf.. How selfless she is to support his career! I love this Korean TV show. Have you seen? It's tear jerker! First time visiting seoul, its cold... Trying to get Rain's concert tickets too. Any places you recommend?Miss worldwide traveller?
about 1:1 RR ratior at least. 12Pts will be the least. I think 1Pt for ES is the least too. Sometimes you could get more if you choose take profit at EMA, next S/R level. And if you could buy/sell below/abv the bars, you could possibly get 2 Pts ES I believe. I think scalp required higher winrate on the set up...
will be gone for most of DEC... Can't believe new year is around the corner. Still haven't met my goal yet....
Hi Matcha, Don't be sad.... Next time you will capture at least 60~75% or more of the profit. The important thing is you know you can spot a good trade. Today was the type of day to likely require a little bit of overtrading because of the tight range and the need to re-enter after being stopped out like you did for your last trade. I, too need to work on capturing those profits before they got reversed and wiped out most of it. But I think you did well in playing defense today and didn't do what I did yesterday letting all my stops to max out. I am very impressed with your self-taught assignment project. It is nothing better than learning from your own experience and compared that side-by-side with Dr. Al's work. I, too have kept up with all my daily charts, printed them out and marked them up for self-learning and for future reference. But, I have not set any target on how many charts I am going to do. Thank you very much for your input on setting scalper target. It does require a higher winrate. That's why I prefer targeting for those larger swing profit (the free falls type ). But there are more situations that require taking quick scalper profits. You will reach your goal soon! All the best..... HK is beautiful in Dec with all the Christmas decorations and lighting. --po
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ sweetie i bought the DVD of winter sonata last year but i have not watch it yet but next month, when i'm in sapporo, hokkaido down~hill skiing for one week .. i 'm going to watch all the episodes of winter sonata at night ..i will get ready a box of tissue papers (enough or not huh?) :eek: from the lyris of the song ... i know it's tear jerker !!! :eek: when you're in seoul...must visit Insa~dong ... a cool place to visit.. lots of unique shops selling antiques, souvenirs, clothing etc, lots of korean restaurants & cafes , many art galleries... little complex~Ssamziegil sell lots of traditional korea stuffs .. i think you'll have a good time shopping there .. also remember to drink korean ginseng chicken soup and eat korean BBQ while you're in korea LOL
Matcha If that is profit (PnL:$154.00) something worked!! Cut yourself some slack my Dear, I guarantee you the B/O trade you don't take will be the runner. As long as you continue to protect yourself you'll be fine. Overtrading?? Are you forgetting the 15 & 20 trades per day at the beginning of this journal, you've come a very long way in a very short time. This range (reaction) is what Boli was talking about when he spoke of round numbers.... and major round numbers.... 11000. Prices ranged here for 24 hours, until they prove differently we have to honor the range and take those profits!. Go back to your new goals list and read aloud goal #1. You're hot baby, don't allow yourself to forget how rare it is to see +20 & +40 points profit in a trade. I'll tell from personal experience, that's one demon you don't want to battle.....:eek:
I also think that was a great job yesterday. You manage to have such a profit in a range bound day. Wonderful!