entered long around 2.76 at the last 5 min candle. with a P-shape volume profile. Can anyone share your thought on what went wrong with this trade??
Looking at five minute chart in isolation offers little value in my experience. Zoom out and see what is going with the higher time frames.
Nothing "went wrong" with it. Even a great setup works maybe 60out of 100 times. This may simply have been one of those other 40 times.
Could be a lot of things.... * When viewing a Market Profile chart a "P" shaped profile, especially when price is below the POC, signifies distribution - not a long signal, even if you are at the lower value area/std dev. * The fact that the low of the candle with the largest volume, double that of any other candle, had been violated was another sign of weakness. * Anything that cost 2.76 is a piece of shit and is easily manipulated. And as Fan27 wrote, what was the larger context - larger time frame trend?
This. Crappy cheap charts with tiny trading ranges should be avoided. Charts under $5 are like golddigger girls at nightclubs --- cheap and easy but ultimately cost you a bundle lol (speaking from a fckload of experience with both ) Compare with this chart today... see the difference?? Wide, clean higher volume charts are essential
%% Looks like he did part of it right; on a 30 minute chart /may be a trend[5minutes X6/LOL]?? BUT $2.75/2.76 is junk price; junk dealers can make money/ but they label their business junk or recycle business...……………………………………………………………………………………………………… And they have to do higher volume , even being honest enough to junk label their business/junk/recycle. Live + learn.$5 or $10 is about the minimum to avoid junk.[ I would like to buy another car for $2.76, but I own enough higher priced junk/LOL], Good question.
here's a 1-min chart of it what do you mean by the fact that the low of the candle...... now, i read somewhere on the book a P-shape usually shows during an uptrend. I guess that does not include any sign to tell when a trend cease to exist. How could I tell if that's the case? I probably should have traded using a 1-min chart. It looks much worse in a 1-min chart than the 5-min one. does that large black candle with a significant volume right before my entry voids the whole trend?
information insufficient. vital information missing. please indicate which financial instrument you were trading, and indicate on the chart when you longed it.