I don't think I played very well today. My timing seemed to be off, plus after my first 3 trades, I noticed that the trade prices didn't match up with the chart. Mirus tech support got me on the right track, but I think I was a little rattled by it. This was my first contract rollover with NT, and there was a setting that was wrong.
Trade #1
I was just looking for a quick 15 tick scalp here. In hindsight, this was too close to the EMA. +1 tick.
After trade #1, price failed to go below the rising EMA. The trend was up and I was looking to join it.
Trade #2
The 05:50 bar bounced off the previous pivot high, but the next bar closed above it. The 06:05 bar pushed higher still, then retraced (too much maybe?). I waited for the downward momentum to carry price below the 06:05 close, then put a stop order in 2 ticks above the close. The 06:10 bar then came back and filled me before stopping me out. -11 ticks.
The trend was still up, but what I see now that I wished I saw then was the overlapping of the bars. This was barbed wire and I shouldn't have been trading. However...
Trade #3
I viewed the EMA as still holding up the line, and the previous bars being part of a pullback to the EMA. This trade went exactly like the last trade. I waited for some room to place a long stop order, except this time I place the order at the high of the 06:30 bar instead of giving it some room. The 06:35 bar came back to exactly my stop, filled and killed me. The only positive is I tightened up my stop. -9 ticks.
Down 19 ticks. At this point I switched to sim.
Trade #4
Still looking to get back in the trend. The 07:00 and 07:05 bars were part of the pullback, and I put a stop order in at 1 tick above the higher of the recent swing highs. Got filled on the 07:10 bar, got about 10 ticks and moved my stop to BE +1 where I was taken out. +1 tick.
When the 07:40 bar topped out at the previous high, I drew the trend line.
Trade #5
The 07:45 bar stopped exactly at 83.20 where the previous 2 candles stopped, then started to head down. I looked nice and snug in that triangle and before waiting for that bar to close, I put a stop order in 5 ticks above the high at 83.25 and the bar turned around, and hit my stop order. It was the high of the bar, then dropped back and stopped me out. -9 ticks.
I really played this triangle wrong. I'm not upset about being stopped out of Trade #5 although I did place the order too soon, but the next trade was pure revenge.
Trade #6
No real excuse for this trade. After 07:45 bar failed to break out, I put a sell stop 1 tick under its low. The 07:50 bar dropped out of the triangle long enough to fill me at the bar low. The next bar was the upside breakout I was initially expecting from a triangle on a trending day. -9 ticks.
After the perfect down leg off the HOD, and getting 3 bars failing to push higher, I was looking for the short. The 08:35 bar made a lower low. Entered a stop 3 ticks below the low. The next bar filled me, then the trend resumed.
Trade #8
The trend was still up, and with a nice bounce off the EMA, AND a push past that 3 bar pivot at 83.29, I was looking for the long entry. The 08:50 closed above that 3 bar top, and I entered long on the next bar at 83.36. +15 ticks.
What I think I did right:
What I think I did wrong:
Trade #1
I was just looking for a quick 15 tick scalp here. In hindsight, this was too close to the EMA. +1 tick.
After trade #1, price failed to go below the rising EMA. The trend was up and I was looking to join it.
Trade #2
The 05:50 bar bounced off the previous pivot high, but the next bar closed above it. The 06:05 bar pushed higher still, then retraced (too much maybe?). I waited for the downward momentum to carry price below the 06:05 close, then put a stop order in 2 ticks above the close. The 06:10 bar then came back and filled me before stopping me out. -11 ticks.
The trend was still up, but what I see now that I wished I saw then was the overlapping of the bars. This was barbed wire and I shouldn't have been trading. However...
Trade #3
I viewed the EMA as still holding up the line, and the previous bars being part of a pullback to the EMA. This trade went exactly like the last trade. I waited for some room to place a long stop order, except this time I place the order at the high of the 06:30 bar instead of giving it some room. The 06:35 bar came back to exactly my stop, filled and killed me. The only positive is I tightened up my stop. -9 ticks.
Down 19 ticks. At this point I switched to sim.
Trade #4
Still looking to get back in the trend. The 07:00 and 07:05 bars were part of the pullback, and I put a stop order in at 1 tick above the higher of the recent swing highs. Got filled on the 07:10 bar, got about 10 ticks and moved my stop to BE +1 where I was taken out. +1 tick.
When the 07:40 bar topped out at the previous high, I drew the trend line.
Trade #5
The 07:45 bar stopped exactly at 83.20 where the previous 2 candles stopped, then started to head down. I looked nice and snug in that triangle and before waiting for that bar to close, I put a stop order in 5 ticks above the high at 83.25 and the bar turned around, and hit my stop order. It was the high of the bar, then dropped back and stopped me out. -9 ticks.
I really played this triangle wrong. I'm not upset about being stopped out of Trade #5 although I did place the order too soon, but the next trade was pure revenge.
Trade #6
No real excuse for this trade. After 07:45 bar failed to break out, I put a sell stop 1 tick under its low. The 07:50 bar dropped out of the triangle long enough to fill me at the bar low. The next bar was the upside breakout I was initially expecting from a triangle on a trending day. -9 ticks.
After the perfect down leg off the HOD, and getting 3 bars failing to push higher, I was looking for the short. The 08:35 bar made a lower low. Entered a stop 3 ticks below the low. The next bar filled me, then the trend resumed.
Trade #8
The trend was still up, and with a nice bounce off the EMA, AND a push past that 3 bar pivot at 83.29, I was looking for the long entry. The 08:50 closed above that 3 bar top, and I entered long on the next bar at 83.36. +15 ticks.
What I think I did right:
- Over all showed a little patience. Didn't jump it at bar closes.
- Mostly traded with-trend.
What I think I did wrong:
- Trade #1 - trying to counter trend trade too close to the EMA
- Trade #2 - The wick was longer than the body. Perhaps too much downward momentum for a long trade.
- Trade #5 - should have been expecting a phone break out. Too anxious to get in early.
- Trade # 6. Just stupid.
- Trade # 7 - See Trade #1
But I think the advice is good even if it comes from me: more generous with high volatility, trend and "golden hours" (9:00-12:00), tighter with lower volatility, counter-trend, mid-day doldrums & lotto-close.
