Today was a wash. There was only 1 trade I really screwed up on - I got greedy and missed it.
Still learning how to read price. Funny how clear everything is after it's over. There were a couple of lower time frame entries on CL that I passed on. At this point in my short career, I'd rather pass on a profitable trade and learn from it than take a hit.
CL dropped off a cliff overnight and looked like it was pulling back to the EMA when I got in. My sell stop off the 04:55 bar wasn't filled. The next bar was a green candle with a shaved top, indicating a strong bar close, so I didn't want to use that as a signal bar. The next bar was a doji that spanned the EMA and I don't like to take signals from doji's (this will haunt me later).
CL Trade #1
Price pushed above the EMA and looked like it was going to challenge the 86.53 pivot high. I wanted to get long, but was worried about the overall trend being down and the LL that was formed at 04:55. Entered off the 1 min chart, but didn't trail my buy stop down. I could have (should have) gotten a better fill by 4 ticks. Went to BE+1 after 6 ticks. +1 ticks.
After that push up to a HH, CL made HL. I was expecting another leg up, but I was in a 6E trade. I debated entering an order on CL, but figured I have a hard enough time managing 1 trade at a time. I passed on the long entry.
I watched the 08:10 and 08:15 bars push up, but didn't see an entry, except at 08:14 bar. I wanted to see one more pullback bar, but never got it.
CL Trade #2
After the retrace on the 08:20 candle, the next bar was an inside bar that made a HL. I was expecting a push back to the HOD. Went long, but was stopped out. +1 tick.
On the 6E side, my first 2 trades were good, but didn't work out.
6E Trade #1
6E was in a nice wavy down trend. A with-trend candle formed at 06:06 and I entered a limit order at 50%. The two prior green bars were too large for a normal sell stop order. After the entry bar closed as a doji, I moved my stop. +1 tick.
6E Trade #2
6E poked above the EMA and made a double top, then formed a LL. The big green outside bar made me cautious. I didn't want to take a trade off of that. The next bar was a with trend bar that formed a double top. Entered a limit order with a 5 tick stop above the 06:51 bar. This was the beginning leg of the uptrend. Stopped out -5 ticks.
I got greedy (read stupid) on this attempted trade. 6E made a perfect pullback to the EMA. I didn't do the arithmetic, and didn't see the signal bar was only 5 ticks tall. It formed a nice double bottom and I put in a limit order at 1.3632 and amazingly wasn't filled. I should have put a buy stop order in above that signal bar. Dumb.
The next entry was another pullback to the EMA at 07:42, but it left a doji and I don't like to use those as signal bars. I was waiting for another, smaller candle to enter on, but didn't get it.
Still learning how to read price. Funny how clear everything is after it's over. There were a couple of lower time frame entries on CL that I passed on. At this point in my short career, I'd rather pass on a profitable trade and learn from it than take a hit.
CL dropped off a cliff overnight and looked like it was pulling back to the EMA when I got in. My sell stop off the 04:55 bar wasn't filled. The next bar was a green candle with a shaved top, indicating a strong bar close, so I didn't want to use that as a signal bar. The next bar was a doji that spanned the EMA and I don't like to take signals from doji's (this will haunt me later).
CL Trade #1
Price pushed above the EMA and looked like it was going to challenge the 86.53 pivot high. I wanted to get long, but was worried about the overall trend being down and the LL that was formed at 04:55. Entered off the 1 min chart, but didn't trail my buy stop down. I could have (should have) gotten a better fill by 4 ticks. Went to BE+1 after 6 ticks. +1 ticks.
After that push up to a HH, CL made HL. I was expecting another leg up, but I was in a 6E trade. I debated entering an order on CL, but figured I have a hard enough time managing 1 trade at a time. I passed on the long entry.
I watched the 08:10 and 08:15 bars push up, but didn't see an entry, except at 08:14 bar. I wanted to see one more pullback bar, but never got it.
CL Trade #2
After the retrace on the 08:20 candle, the next bar was an inside bar that made a HL. I was expecting a push back to the HOD. Went long, but was stopped out. +1 tick.
On the 6E side, my first 2 trades were good, but didn't work out.
6E Trade #1
6E was in a nice wavy down trend. A with-trend candle formed at 06:06 and I entered a limit order at 50%. The two prior green bars were too large for a normal sell stop order. After the entry bar closed as a doji, I moved my stop. +1 tick.
6E Trade #2
6E poked above the EMA and made a double top, then formed a LL. The big green outside bar made me cautious. I didn't want to take a trade off of that. The next bar was a with trend bar that formed a double top. Entered a limit order with a 5 tick stop above the 06:51 bar. This was the beginning leg of the uptrend. Stopped out -5 ticks.
I got greedy (read stupid) on this attempted trade. 6E made a perfect pullback to the EMA. I didn't do the arithmetic, and didn't see the signal bar was only 5 ticks tall. It formed a nice double bottom and I put in a limit order at 1.3632 and amazingly wasn't filled. I should have put a buy stop order in above that signal bar. Dumb.
The next entry was another pullback to the EMA at 07:42, but it left a doji and I don't like to use those as signal bars. I was waiting for another, smaller candle to enter on, but didn't get it.
