jasinhbca's quest for discipline, knowledge & profits
- Thread starter jas_in_hbca
- Start date
Still doing review and a little trading.
Looked at more trades and structure stops look good. The average loss is only 9 ticks which is acceptable as an average. I'm leaning towards not giving reversal trades as much room as a structure stop as I think those should work very quickly. Something i'll have to look at.
Mood swings this week of WTF am I doing and why is this still not making sense to just look at it ! it's simple ! The latter is where I find myself today which is a good way to go into the weekend.
Chart attached from today which is completely indicative of what I do right and what I do wrong.
I'm focusing my study more on entering a PB in a strong trend. The volatility of the moves always give my pause in real time but the reads and the R:R are the easiest out there. I already have my rules written for this set up so it's just reviewing to gain some more confidence. (I was reviewing trades today when a very nice long BO strong trend did occur so missed that.)
The losing trades I seem to take too often are reversal trades and deep pullback trades where too much nearby S/R is present. I'm reviewing them to come up with filters or something to keep me out of them.
I may just try trading only strong trend set ups for awhile.
Looked at more trades and structure stops look good. The average loss is only 9 ticks which is acceptable as an average. I'm leaning towards not giving reversal trades as much room as a structure stop as I think those should work very quickly. Something i'll have to look at.
Mood swings this week of WTF am I doing and why is this still not making sense to just look at it ! it's simple ! The latter is where I find myself today which is a good way to go into the weekend.
Chart attached from today which is completely indicative of what I do right and what I do wrong.
I'm focusing my study more on entering a PB in a strong trend. The volatility of the moves always give my pause in real time but the reads and the R:R are the easiest out there. I already have my rules written for this set up so it's just reviewing to gain some more confidence. (I was reviewing trades today when a very nice long BO strong trend did occur so missed that.)
The losing trades I seem to take too often are reversal trades and deep pullback trades where too much nearby S/R is present. I'm reviewing them to come up with filters or something to keep me out of them.
I may just try trading only strong trend set ups for awhile.
As you say, those are the easiest reads and easiest profits. You'll build confidence by limiting yourself to those trades, IMHO.
It looks like your later trades were symptomatic of "thinking while trading" and consequent micro-management. The 7:10 containment bar (on both the 1-min and 5-min charts) contained your trade. That was a line in the sand and there was no reason to exit until that line was crossed. If the 7:21 bar made you nervous, then you could place a limit order to exit break even and wait for clarity because the 7:21 bar's failure to break the containment bar high signals a trading range and price is very likely to retest the range low at 96.54, letting you close and wait for clarity. I took this same trade and decided to hold instead of scratch because my stop was less than 15 ticks and the key level to be tested (96.30) was 25 ticks from entry.
Thank you Traders.
The 5 ema was something I tried & don't actually use. The other two have a purpose in my plan but I may be experienced enough to try without them. Simplifying may bring more clarity.
As Nkhoi suggested, I may not be ready to go cold turkey so i'll strip the 1 minute and keep the 20 ema on the 5 minute for now. I think my favorite is the 10 ema on the 1 minute. Will be interesting to trade without it.
Thanks, ND. Always great to have your advice and analysis. Nice trade !
The 5 ema was something I tried & don't actually use. The other two have a purpose in my plan but I may be experienced enough to try without them. Simplifying may bring more clarity.
As Nkhoi suggested, I may not be ready to go cold turkey so i'll strip the 1 minute and keep the 20 ema on the 5 minute for now. I think my favorite is the 10 ema on the 1 minute. Will be interesting to trade without it.
Thanks, ND. Always great to have your advice and analysis. Nice trade !
This is how my 5 minute chart looked today.
Mental issues of raising my target need to be addressed. First trade should have been exited at a + 20-25 target instead of the higher target I had at 97.65. Missed it by a tick but still it's too high. Right now focusing on using TL's on the 5 & 1 minute, getting the correct stop in and the patience to stay in the trade.
Mental issues of raising my target need to be addressed. First trade should have been exited at a + 20-25 target instead of the higher target I had at 97.65. Missed it by a tick but still it's too high. Right now focusing on using TL's on the 5 & 1 minute, getting the correct stop in and the patience to stay in the trade.