Have been thinking a lot about what everyone said these days. Slept late working on the trade plan. Woke up early this morning. First routine is always read the trading plan. Today I read the 3 lessons from yesterday, out loud. I needed to exercise the âtechnical mental routineâ just like an alcoholic excise some self-help program every day. The result is not ideal. I felt really bad when I disappointed KDASFTG. I just once again missed a few good with trend trade. I guess I didnât balance the mental routine and market context very well. And I over traded. But I did take all the entries with less hesitation and less over thinking. And I viewed each setup as an individual set up like I just logged on the computer. Probably a little baby step forward from mental perspective. Some of trades are bad, some were OK. The exit is not great.-something I will worry about later. Todayâs volatility also shook me out from a few trades. I hope my chart is clear enough to read. Trade 1: 07:50. Long. Failed break out. It was a trading range at the open. I think if I were to do some fade failed breakout trades, I should focus on the prevailing trend side. In this case I should fade the upper range with bear if the set up is valid. The other note to myself is itâs always low odds to buy after a series bear bars-the selling pressure is a bit too large. I got out when I see no follow through and the follow through bar suddenly turned out to be a bear outside bar.-4tk Trade 2: 8:01 flip to short. The volatility near the LOD is a bit rich. I was shaken out by the bottoming tails at the LOD. -7tk Trade 3: 8:25 long, another failed BO with YTDâs low. Wedge overshoot. The following breakout bar was nice. It gave me a nice +15tk profit immediately. But since I was holding for at least 2 leg up so I didnât take the scalp profit. Scratched trade.+3Tk. Then I was too slow to flip to short side. It was a perfect L2 short set up that produced a nice +30Pt run down⦠After market broke down here. I will only short the pullback today unless there is a clearly reversal signal. Trade 4: short on the minor pullback, continuation break down. Took profit too quickly. +9TK Trade 5 and Trade 6 were both short that both were scratched out. Then I was very exhausted. Stepped away from my desk. When I was back market reversed at 11am. 12:10noon A pullback long sets up. But the risk would be +20pts. So I passed on the trade. PnL:-$42, 6 trades. 33%winrate
Hi Matcha, ".... slept late....then exhausted....." This sounds familiar for us hardworking student traders. Working too hard to digest all the great advice. I, too, quite often work late to try to assimilate the new found knowledge into my trading plan and ended up exhausted during the trading hours. Don't be too hard on yourself. Treat today as a practice day - a day to readjust your trading plan to see if the new ideas will fit into your own trading style. Best of trading tomorrow! --po
Slow day. Took 2 trades Trade 1: 8:41. short. Had a buy order 1 tick above but did not trigger. So I took a short. L/H. +12Pt. Then waiting for a 2 leg pullback buy if sets up. 8:45 signal bar is an inside bar. So I didnât take it. The next bar is pretty nice bull reversal bar. In hindsight I did have more than 3 reasons to take the long. Next time, I will take this type of set up. Trade 2: 12:11 long. 2nd chance 2 leg pullback entry. The follow through bar turned to a bear reversal bar. I moved my stop 1 tick below it. Stopped out -7tk. PnL: $20. 2 trades. Weekly PnL: -$233, -41Pts Winrate: 25% Ave Trades per day: 3 Largest winner: $57 Lareste loser: -$67 Biggest mistakes this week is fail to read PA in a down trend. So whole bunch of small losses + no large winners put account to losses. Monthly: Feb PnL: -$172.6,-18Pts Winrate: 40% Avg trade per day: 2 Largest winner: $122 Largest loser: -$67 Have a great weekend!
Hi Matcha, Indeed it was a very very slow afternoon. 3 hours of trading within a 3 point range! I think I'm going to declare a National Friday Afternoon Off for all traders from now on!!!!! Hehe! I took exactly the same short trade as your trade #1. Made the same 1.25 ES points! I totally missed that Long setup at 8:50am p.t. In hind sight, I now see the great 2 legged PB opportunity. What I see in your Feb numbers, you have a great discipline to be selective, you didn't overtrade, avg trade per day=2. I like your largest winner to largest loser ratio. These are good traits to keep. Assignment for all student traders - get more sleep & rest over the weekend and be bright and fresh for battle next week! Have a great weekend everyone! --po
nice job Matcha! I am so tired today. Although I got up early today, found i can't focus on the chart. So I decided to watch the price and learn from others. Have a good weekend~
Hi Matcha, you need a second chart (volume or tick) to see what is going on inside of 5 min bar interval, this way you minimize risk....my 2c
Here is the first 8 bars from Friday....2 nice scalp's and you are done for the day.....I usually trade only the first and the last hour...(this is 5 min ES chart)
Today is another âscratched tradesâ day. Traded live in AM session. Took 4 trades. Trade 1: 6:55. long pullback, Planed to ride the trend but when see a huge reversal bar after the Break out bar, I exit at +3tk Trade 2: 7:18 reenter, hit trailing stop at +12tk Trade 3: 9:01, short, No FT. -6tk Trade 4: 9:23, long. D/B PB. Hit trailing B/E stop. Then I logged on SIM. Took 2 great trades in SIMâ¦. I paid more attention to 15 min and 5 min charts today. I got to train myself look at a bigger picture more. And I am getting a little better reading the 5 min bars, so itâs OK for me to âdivideâ some more attention to 15 min chart. One step at a time. PnL: +$40. 4 trades. 75%winrate