This is a breakdown of the trade that I took on 7/1/2024: ✓ Bearish candle close below the intraday support level ✓ Price was trading below the EMA on both the 1H + 4H timeframes ✓ No candle closes above the intraday resistance level This is a breakdown of the trade that I took on 7/5/2024: ✓ Bullish candle close above the intraday support level ✓ Price was trading above the EMA on both the 1H + 4H timeframes ✓ No candle closes below the intraday support level These trades ended up being healthy losses which I'm okay with. I followed all of my rules but the market simply didn't agree with me.
Hear me now and believe me later... You need to learn how to position trade. You are going to blow your account if you try to daytrade the MNQ with 6 contracts. Work with ONE! ONE CONTRACT, FFS!
Very difficult to analyze your trade. Please indicate on your chart when exactly you enter the trade. Or you can provide this info: When entered Entry price Stop price Long or Short Time zone Is your loss a healthy loss or an unacceptable loss? as of now, No comment.
This was with 3 contracts, 20 points each on MNQ so ~$120 total risk per trade. I'm honestly not sure why it showed 6 contracts.
Healthy losses? Yes. I attached a picture of my newly created trading journal. Hopefully that fulfills your request PSA: I am trading on a $50,000 Topstep Combine.
5 Jul entry at 9.45am EST I see that you use the 15 min Chart for entry. From 9.30am EST, NQ was moving in a non-decisive pattern. At 9.46am EST, NQ started to go up (but almost impossible to tell during that time). At 9.54am EST, you have the lows getting higher and higher. And that's where to enter a long position (but this signal is not obvious). Overall, the movement is undecisive/choppy. Choppy days, undecisive movement ... are very common. For such a market, I'd sit on my hands or trade with reduced quantity. So I'd say your loss could have been reduced / avoided. ____________________________ Why quantity 6? You bought 3 lots. Then sell 3 lots. So the statement showed a total of 6 lots.
In my eyes I did everything right so I'm happy with these losses. Hindsight is always 20/20 which is why I don't bother worrying about the "shoulda coulda woulda".
I'm technically "live" since I'm risking real money on this combine account. Also if you knew how to read, you'd see I was responding to your original message where you thought I was using 6 contracts per trade. "Figure it out, man".
Closing this thread since there seems to be no attraction to it & I made my own personal journal. I wish you all the best of luck on your journeys.