jasinhbca's quest for discipline, knowledge & profits

Good entries but volatility ie fast reversals is not working in my favor today. OpEx today.


first trade MFE +3.75 that reversed quickly. I should have acted and exit with something. Instead -1.75

Next trade BE

Did i mention our other dog had knee surgery ? Back to vet today for 1 month xray / check up. I'll miss a couple hours of mkt. May trade after lunch.
 

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Jas,

You really should not have finished the day in a loss. On the first trade, where were you looking to exit? You should have never got out at a loss. Why didn't you either a) take 1/2 off and put the rest at BE, or b) take your profit!!! You already had twice as much profit as you risked so definitely worth getting out I think. Also since the market was in a downtrend I would have taken profit before the previous swing high which ultimately turned out to be resistance.

2nd trade: Although HH, I like it but you should have taken the HH into account and took the quick profit.

Good luck this week!!!

S.
 
Quote from Snowman75:

Jas,

You really should not have finished the day in a loss. On the first trade, where were you looking to exit? You should have never got out at a loss. Why didn't you either a) take 1/2 off and put the rest at BE, or b) take your profit!!! You already had twice as much profit as you risked so definitely worth getting out I think. Also since the market was in a downtrend I would have taken profit before the previous swing high which ultimately turned out to be resistance.

2nd trade: Although HH, I like it but you should have taken the HH into account and took the quick profit.

Good luck this week!!!

S.
More...

Thanks Snow,

Exits are my weakness right now which are based on my read of PA.

First trade i thought a target would be at the 7:15 high. Exiting at the first resistance makes sense but i was still expecting the entry near support to hold. Trying to give the trade a little time to work. The reversal came quicker than i expected.

Seems whenever i take a quick 3 or 4 points the market runs 10+. When i hold a 4 point winner it reverses to be a 1 pt win or in this case a loss.

Only trading 1 contract until i improve then will try scaling out.

Keep the comments coming. It really helps and i appreciate it !

good trading.
 
5 trades. -.50 pt

Still making notes for myself and trying to learn what i'm doing.

If anything I know this: I will not blow up. It's just a matter of time before i start booking consistent profits.

In the past i haven't cared much for daily/weekly profit goals but prefer 'process' type goals. Take set ups, don't hesitate etc. I've been rethinking that and now have added as a goal that of booking a minimum of 5 points a day. Perhaps it will get me taking profits when i should. It's a measurable goal and specific and will keep me focused on the main objective- make $$$$ !

If i book between 5 - 7 points i'll stop for the day. If more than 7 then i'll continue until i have a loss. Still playing around with the details. For example if i make 10 pts on my first trade but lose half on my next, i'll still trade.

a few trades attached. probably more comfortable in my trading than i've ever been. I'm generally liking my entries and getting better at trade management. There's a few set ups i'm missing getting in on - pullbacks in a trend- so working on that.
 

Attachments

Hi "jas_in_hbca",

my advice:

be much more conservative in your trading setups.
Only trade the BEST of the BEST, this should be your standard.
If there is no super perfect setup, do NOT trade, take a walk for the day - the next setup will come soon.

Stop scalping, look on longer timeframes and more products.
And risk much more on that super perfect BEST of the BEST conservative Setups, then you will win & and dont need to make so many little trade a day for that much stress and litle profit.

Control your risk, once you are in the trade, and allow the trade to reach their full move potential.

good luck:p
 
Quote from HATEtheRisk:

Hi "jas_in_hbca",

my advice:

be much more conservative in your trading setups.
Only trade the BEST of the BEST, this should be your standard.
If there is no super perfect setup, do NOT trade, take a walk for the day - the next setup will come soon.

Stop scalping, look on longer timeframes and more products.
And risk much more on that super perfect BEST of the BEST conservative Setups, then you will win & and dont need to make so many little trade a day for that much stress and litle profit.

Control your risk, once you are in the trade, and allow the trade to reach their full move potential.

good luck:p
More...


Thanks HtR !

I'm actually not finding trading very stressful anymore. But i get your point and am trying to pick just the best trades.
 
Quote from HATEtheRisk:

Hi,

i see 2 possible good trades here, i would have taken, if i would trade on 1 min charts.

see pic.

greetings
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Awesome ! Thanks very much. I appreciate your time and advice !

Is there some entry trigger on that first trade or just context of price action and location of S/R ? If the latter then i see it.

I like the tip on triple tops/bottoms should hold.

Thanks again.
 
Quote from jas_in_hbca:

Awesome ! Thanks very much. I appreciate your time and advice !

Is there some entry trigger on that first trade or just context of price action and location of S/R ? If the latter then i see it.

I like the tip on triple tops/bottoms should hold.

Thanks again.
More...

Well, actually its all "just context of price action".

How i wrote in the chart, look for that, what was it about 10min during trade, - so look on 10min or 15min Candle.
Candel before must be a clear bullish candel, find some osszilator that tells you, on the new candle it will go down, and go short on the open of the 10-15min candle, togehter with the 1min - 5 min candles.
And Exit all on the close of the pattern candle.

Look for higher and lower timeframes.
Only the MATRIX of the different timeframes price cycles gives you an clear view of the markets plan....
The market always have a plan, your job as a trader is to find that plan, and trade only the Best Situations...

regards:D :D
 
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