jasinhbca's quest for discipline, knowledge & profits

Missing trades today. Not sure why. Slightly tired ? IDK. It's a state of mind issue I'm sure.

Second missed I had an entry order in , cancelled it then couldn't replace it in time. I think I need to remember to keep the internal dialog on: is this a set up, is the context correct ? Accept uncertainty. I'll add that to my pre-trading review notes.

The 1 trade so far was not very good. Move too extended and close to target / support. Then I messed up my stop by bringing it in too close. I always go in with a 4 pt stop then manually adjust it. In this case I moved it to a 3 pt stop then tightened up more. I wanted it 2 ticks higher but couldn't move it fast enough and got stopped out.

Short range
Entry 3611.50
stop 3614.50
t 3608-3604

stopped on poor stop movement -1.50


waiting for FOMC minutes.... Given my performance so far I may call it a day early.
 
jas_in_hbca said:
Although they're still not as tight as you're suggesting.
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You’ve id a trade signal…. that signal fail – the trade is no longer valid

The stop should always be placed just the other side the of signal you’re trading

Placing it any further away – is money being pissed away



Bigger the loss(es) = the more work we face trying to make it back = more pressure = more potential for stress

At some point – we may even start focusing on recouping the loss(es) – which means we’re trading our PnL

This is never good


Now please don't take the above as meaning we should strive to never have losses - losses are inevitable

We must continuously work diligently.., to keep each loss as small as is reasonable (this is our primary job)

==========================

Aside;

In situations where the trade’s signal is large (such a 1,2,3 reversals) – there will inevitably be an area where price has made / is making

DT/ DB…, or HL / LH

Because the horizontal boundary (zone) has been established / is being respected

Because the move’s direction has been agreed upon – and being supported

So a breach of the DT / DB…, or HL/ LH would invalidate the trade signal

Just the other side is where to place the stop


=================

Save yourself a bunch of unnecessary BS…. and keep each loss small from the get go

==================

As for moving stops after the trade starts working

I would say – keep your initial stop in place… and improve the trade management piece of each trade plan

RN
 
Redneck said:
The main horizontal zone is off on this chart

Needs to shift down a bit.., and is too wide

RN
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I've never seen anywhere how to draw them so I just eyeball it.

The bottom of zone is at swing high at 6:40 which is retested at 7:05. The fbo at 7:25 does not have price acceptance so I keep the bottom of zone in place. the top of the zone maybe a few ticks higher to bottom of the retest bar at 7;42 ?

Or I suppose I could make the low of the current zone the high and make the low at the bottom of the swing at 6:45 ? a picture is worth blah bla.. here's a chart for that second option

edit: I didn't notice you said shift it down .
 
jas_in_hbca said:
a picture is worth blah bla.. here's a chart for that second option

edit: I didn't notice you said shift it down .
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Much better

Also note the chop - just above this zone..., made early in the morning (6:55 am to ~ 7:20 am)


Does this new zone you made - make sense to your eye?

RN
 
jas_in_hbca said:
Missing trades today. Not sure why. Slightly tired ? IDK. It's a state of mind issue I'm sure.

Second missed I had an entry order in , cancelled it then couldn't replace it in time. I think I need to remember to keep the internal dialog on: is this a set up, is the context correct ? Accept uncertainty. I'll add that to my pre-trading review notes.

The 1 trade so far was not very good. Move too extended and close to target / support. Then I messed up my stop by bringing it in too close. I always go in with a 4 pt stop then manually adjust it. In this case I moved it to a 3 pt stop then tightened up more. I wanted it 2 ticks higher but couldn't move it fast enough and got stopped out.

Short range
Entry 3611.50
stop 3614.50
t 3608-3604

stopped on poor stop movement -1.50
More...


First…, let’s acknowledge a few things

Today – PA was rangy as hell (btw this is the nature of the beast given it’s the beginning of summer - it should be this way for the next couple of months - SHTF events notwithstanding)


You did a great job of staying patient - period

The area where you enter – isn’t the cleanest PA (but neither is most of the session)

The BO came right back..., and not only reentered that range – it also breached the DMTL

What price didn’t break is the DT (see yellow line)

No matter today was a tough day - and that trade a tough one

=================



Great job remaining patient – and accept – today was simply a bitch PA wise

:)

RN
 
jas_in_hbca said:
yep !
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Good - because your revised context captured what price said... hence it reflects price

Makes for something we can reliably trade off of

Btw reliably - does not mean all trades will automatically be winners - they "could" be... but never automatically will they be

RN
 
I ended up only taking the 1 trade today so -1.50. I tried getting my stop above the yellow line but wasn't quick enough . (I click & drag my stop order placement on the chart and sometimes it's not quite where I want it. I think I can accomplish this through the DOM screen too. Might have to look into it)


Redneck said:
First…, let’s acknowledge a few things

Today – PA was rangy as hell (btw this is the nature of the beast given it’s the beginning of summer - it should be this way for the next couple of months - SHTF events notwithstanding)


You did a great job of staying patient - period

The area where you enter – isn’t the cleanest PA (but neither is most of the session)

The BO came right back..., and not only reentered that range – it also breached the DMTL

What price didn’t break is the DT (see yellow line)

No matter today was a tough day - and that trade a tough one

=================



Great job remaining patient – and accept – today was simply a bitch PA wise

:)

RN
More...
 
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