No position today. After taking so many fake breakout trades last week, today I became extra extra cautious. Because of hesitations, I missed 2 entries; I decided not to chase them to avoid entering at bad locations. They were marked on the chart. I will try to be as detailed as possible to write down my thought process and trade from today, so I can receive more insights from sifu and every experienced trader here. This morningâs prep: market trading in a range over night, open slightly sold off, Fedex took guidance up, price broke out last Friday, $TRIN opened and traded below 0.8. Anticipated either a range day or a breakout day. Be aware of the 10530 level as resistant level(6/22 high). Only take long trades. Circle #1: Missed the entry, the main reason to be so hesitated is itâs too close to YTD high(green dotty line). I am afraid of buying at the Resistant level, besides housing data is announcing at 7:00, If itâs negative, it would came back and hit the stop. So I planed to take pullback trade after it retraced back to YTDâs high. But pullback never happened, so I missed the move. I didnât take the trade at grey box too, because itâs obviously a 3rd wave on 5 min, this is another day of the â2stage run dayâ and a bear flag day. The last run would work, but the profit is too small. After the morning run, I thought today could be the âmidday mushâ ,. so I left to take my Monday âmidday napâ. Zzz.zzzzzâ¦. Circle 2: I âanticipatedâ it came down to hit 10415 zone to enter. But price didnât land at 10415, it made a âWâ bottom at 10420, then shoot back up. I was too slow to catch that, so I missed the entry. This time price broke up the high of the day and broke the consolidation zone⦠No position today, but my head was clear most of the time at market. I am posting both 5 min chart and 1 min chart today with marked entries. Thank you everyone for your great advice! I now have RSI(Boliâs), EMA 20 and 100. Daily Pivots on my charts. That will be all for now.
nice job Matcha, no trading sometimes is the best trade. I wasn't discipline enough today, should be shame on myself...
Thanks for sharing! Got to really know when to look at indicators and when not to. The good things I found about indicatiors are sometime it filtered all the bad trades so I don't go over trade that much. And they help me enter the trades confidently. I am working on how to use them, what indicators I might dump eventually...
Very, very good Grasshopper! I am very proud of you! Remember what I said upthread: Be friend with your Fib scribble. Draw from the morning low (around 0530, red circle) to the morning high (around 0900, light-blue circle). This was a mildly bullish day. At 1100, there was a slight sell off. I didn't believe this sell off would go anywhere. Take a look at the retracement. Anything between 23% and 38% is still bullish. Around 1130, price made a small 3-wave down run, then a Double Bottom. You see that price was equal high, but RSI was at higher low. That's Momentum Divergence. You may bet on the long with a small stop. On a smaller time-frame, you can see the grains better. (That's why look at multiple time-frames.)
Thank you! Would keep just "a few" for now. RSI, MA, PPT, would pay most attention to Price action, bar by bar...
We all have those days....... We all have emotions. Just need to keep those days as minimal as possible...
Here is a higher magnification chart: ES 100 tick. For YM (less volume), need to adjust the tick count.
First of all, I like what you wrote! Like your sense of humor. You sound like a poet but not ashamed to use "F"! Actually, lots of good writers here in my thread! I narrowed down some indicators today. I think I still need just a few of them on my chart. But I would focus mainly on price actions. Eventually, I would decide which one to keep or I might not need anything. BTW, what about the JH ? Is he the one who was kept being mentioned in multiple threads? He doesn't seem like having a strong fan base...