This was my logic behind this trades:
The first one is pretty simple: RET after clearing the chop. As was discussed in the morning, the entry around 9:3x would have been hard for me, but I have to notice the fact that it was the open (lots of interest) and sellers were rejected at the bottom of the TR, which carries extra information regarding the LOLR.
After the strong move, I was looking for reasons to stay in, that is why the close at the break of the line was not so clear for me. Prices had not retraced enough to show sellers intent and I was on the green with nothing to lose but paper profit so why not give it a go. But then buyers gave up just before reaching 61, so that is where SAR came into play, besides we were at 60 as was pointed out on the thread.
Things started to get complicated around the 3rd trade (the one in the blue oval), SL was broken, and we were at the 50% level of the upswing from the open so I started feeling biased to the long side. It was here where DB warned about being walking into the chop again, not sure yet how did you manage to spot it in advance, but thanks for pointing it out.
The 4th trade was a short, that was rapidly exited as buyers rejected with intent. I was not ready for taking the long side, and there was not RET, besides by this time my reading was chop, and only after exiting this newly formed chop I would be interested in new trades.
The 5th trade was a long that lasted too little, buyers were advancing in a much slower pace, .
Damn, I was trying to enter the chop again, I just lost focus by this time, perhaps if I am not having a good day, I should just stop trading before hurting my account. I have noticed that my focus lasts depending on my success in reading the market during the first 60 minutes.
The 7th trade was the one I pointed out as being in doubt, judging from the way price was moving (slowly) upwards. Besides i was at 65 which was important as it was the swing high of the hourly move from yesterday.
After buyers were rejected at 66 and DL was broken, the short (8th) trade was again a plunge into the chop.
Lessons learned:
Some times I can spot the chop for free (no losing trades), try to take advantage of this.
The method would have yielded a small profit for those exiting just after the break of the line even with all the crappy entries for those who can´t escape the chop.
The first one is pretty simple: RET after clearing the chop. As was discussed in the morning, the entry around 9:3x would have been hard for me, but I have to notice the fact that it was the open (lots of interest) and sellers were rejected at the bottom of the TR, which carries extra information regarding the LOLR.
After the strong move, I was looking for reasons to stay in, that is why the close at the break of the line was not so clear for me. Prices had not retraced enough to show sellers intent and I was on the green with nothing to lose but paper profit so why not give it a go. But then buyers gave up just before reaching 61, so that is where SAR came into play, besides we were at 60 as was pointed out on the thread.
Things started to get complicated around the 3rd trade (the one in the blue oval), SL was broken, and we were at the 50% level of the upswing from the open so I started feeling biased to the long side. It was here where DB warned about being walking into the chop again, not sure yet how did you manage to spot it in advance, but thanks for pointing it out.
The 4th trade was a short, that was rapidly exited as buyers rejected with intent. I was not ready for taking the long side, and there was not RET, besides by this time my reading was chop, and only after exiting this newly formed chop I would be interested in new trades.
The 5th trade was a long that lasted too little, buyers were advancing in a much slower pace, .
Damn, I was trying to enter the chop again, I just lost focus by this time, perhaps if I am not having a good day, I should just stop trading before hurting my account. I have noticed that my focus lasts depending on my success in reading the market during the first 60 minutes.
The 7th trade was the one I pointed out as being in doubt, judging from the way price was moving (slowly) upwards. Besides i was at 65 which was important as it was the swing high of the hourly move from yesterday.
After buyers were rejected at 66 and DL was broken, the short (8th) trade was again a plunge into the chop.
Lessons learned:
Some times I can spot the chop for free (no losing trades), try to take advantage of this.
The method would have yielded a small profit for those exiting just after the break of the line even with all the crappy entries for those who can´t escape the chop.
