Got a little chopped up today. Overall I came out +4 ticks, but I didn't start making money until I switched to sim, so I lost where it counted.
My goal for the day was to pay attention to higher time frame S/R lines, and not get caught making trades within a range. The 30 min chart was in a trading range between approx 84.60 and 84.15 when I got to work.
The 06:40 bar broke support, then came back up. Support now became resistance. A short of the 06:50 bar close was the right trade, but I wanted to wait for more confirmation. Well, I waited too long.
Trade #1
Short 83.69 but too bars too late. Got out BE+1.
The market rose back up into that range, with the 07:35 bar hitting the top. The next bar had a failed breakout over the range.
Trade #2
Shorted the close of the 07:40 bar, figuring this was the top of the previous range. I was looking for a trend back to the bottom, around 84.15 and only looking for 15 ticks on the trade. Shorted 84.60 with a tight stop. -4 ticks.
Price made a triangle at the upper part of the range.
Trade #3
The 08:05 bar broke down through the triangle, and the next bar kept going. Put in a sell limit at 84.51, figuring price would test the bottom of the triangle which would now be resistance. Dead wrong. -11 ticks.
The 08:15 bar broke up through the range and I started watching the 1 min chart for an entry
Trade #4
I waited too long on this - until the second 1 min bar closed, then went long at 84.80 which was about the worst time. This long trade sure looks dumb on a solid red candle. Managed the stop aggressively, but still came up short. -7 ticks.
After 3 losses, I switched to sim.
Trade #5
When price failed to continue up and the 08:20 bar trended down, I waited for a trace back to the higher level where I went short at 84.72. Ended up with 1 tick of slip for a BE exit.
Trade #6
The 08:30 bar broke out of the range, switched to the 1 min chart and put a buy stop 1 tick above the 1st surge bar. Was filled and take up for a hard target. +25 ticks.
Trade #7
Entered at the close of the 08:35 bar and was stopped out on retrace. -11 ticks.
Trade #8
Entered a sell stop at the bottom of the 08:40 bar when it made LH and LL, thinking this might be a trend line break. Managed stop agressively. +6 ticks.
Trade #9
Entered sell stop under doji. Was filled but price help support at 08:30 swing high. +4 ticks.
Trade #10
After a few failures to break 85.38 I shorted 85.37 with a tight stop. After the 10:10 bar failed to do anything, I moved my stop to BE+1 and was taken out.
If there's a lesson here, it's S/R lines are fuzzy areas, and don't be too ready to jump in until price starts to move.
. Breathe it all in my friend, you're having a rare opportunity. 