Hi every one, Wish you have a nice day! This thread was my journal for trading price action on US 500 - 5 minute chart. I'm not a native English speaker and since I just a starter for price action, I tried my best to review my point of view and reason to place an order. The most common mistake for me at this stage is: - Place too big volume/lot => habit error - Jump in to market without properly analysis (a knowledge gap and habit error) - Not cut loss soon (a knowledge gap and habit error) - Place bad entry order so need to take profit or break even early - Low performance in US session. (My performance appear to be very good in out of US session, when price is slow. When in US session, I usually give back all my profit and loss more.) I hope by honest review and public my trade, I will improve day by day.
23/09/2024 First trade: Trading session: out of US session I see a break out from a small trading range (purple box) and a strong come back from bull side, break as small trading range - ii candle (yellow box) -> scalp above the BO bar of range for 2 point. My expectation is the trading range will become a magnet for the price coming back, so, a 2 points scalp is a low risk. I also aware that the price is coming to 20 ema of 5 minute chart (the white line) -> a PB and continue to go south of price is a possibilities. -> I only scalp for 2 points.
Second trade: Trading session: out of US session After coming back to ema 20, the price pause and swing in a range, create an appear to be head and shoulders pattern. => I sell in the middle of the 5 minute bar, when the bar break out but failed and comeback to south. Since I sell in the top of the range, I belive the risk is low and the successful chance is high.
Result: -> 2 point profit. Trade last for 14 m 52 s. I take profit right before a strong bull candle.
Trade 3: Trading session: US session Up to now I have 02 win trade with 04 point profit. In US session, we have Important news, so my original plan is to enter if this is a good set up, or decrease my position size. However, I don't follow the plan. The price made a trading range nearly the previous day high, creating a channel / wedge top, so, my plan is jump in quickly and take profit 2 point when selling at the top of the channel. My plan is to reduce the size however, I sill input with the same position despite the low possibilities and a higher risk than previous trade. I also violated the rule that should not early trade in the beginning of US session unless there is strong reason to do so.
Result: -> 2 pips profit. Trade last for 3 h. I'm not happy with myself or the trade. First, I violated the rule of scalping trade, go in/out quickly. Second, I enter the trade with a weak positions, at the sensitive time (US market open) Third, I let my emotion took in by remove my stoploss. The trade almost kill my account. Fourth, I violated my original plan, go with a small size. If I go with a small size, I could scale in and took profit/ run early. Five: Usually, when realize the mistake, we should close the position rather than hope and praise. I win this trade solely due to poor luck.
Which should I do better? 1. Wait for a clear pattern, such as double top, or head and shoulders to perform the sell order. 2. Wait for 18 bar from the open to have a clear sense of the market. Below is two possible entries that I think i should take in bar 12 and bar 18.
24/9/2024 First trade: Trading session: out of US session After a breakout from a small trading range (yellow box), the bull begin to buy from the bottom. Hence, when look to the left, the price goes to a strong support area. So , I expect a small trading range/ pull back here. I enter the trade to scalp for 02 points.
Result: -> exit at 0.5 point profit. Trade last for 43 m 8s The point is, after 43 m without archive profit, I become impatient and close the trade at entry point.