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Journal XburbX - My Plan
- Thread starter xburbx
- Start date
Today there was a nice short setup between 1010-1020 but one key ingredient kept me out of it. I am getting much more in tune with this stock. I (per a friends recommendation) am learning to trust what I am seeing and my prior experience watching this stock. I am not quite sure how to explain it, but I can feel when it is probably going to move. I am not huge fan of "feel" but there is something there. Either way, a stop loss protects incorrect feelings.
There were actually two things that kept me out. One was simply the candle action near entry. The candle leading to my entry had a slight up bias that closed up prior to my TTF offering an entry or setup. Once it closed against the entry, I would have needed something else on the larger TF to show me we were headed down. It didnt offer that information until after it broke down.
I was looking for a short around 1pm but some key price action signs showed a bottom was forming. I could be wrong but I won't be shorting. There probably won't be any trades today unless price makes a serious move up. I won't trade short into a bottom.
It looks like I was wrong and the bottom is not in. I am still looking for shorts.
Short at 1:43 - Target LOD - Stopped
It looks like the bottom took a little longer to produce than anticipated. There was a serious battle at the lows so even if a short setup comes into play from here, I am not looking to get short. It is 2:14 and it looks like price will be breaking resistance for the rest of the day. Im done for the day because of this.
There were actually two things that kept me out. One was simply the candle action near entry. The candle leading to my entry had a slight up bias that closed up prior to my TTF offering an entry or setup. Once it closed against the entry, I would have needed something else on the larger TF to show me we were headed down. It didnt offer that information until after it broke down.
I was looking for a short around 1pm but some key price action signs showed a bottom was forming. I could be wrong but I won't be shorting. There probably won't be any trades today unless price makes a serious move up. I won't trade short into a bottom.
It looks like I was wrong and the bottom is not in. I am still looking for shorts.
Short at 1:43 - Target LOD - Stopped
It looks like the bottom took a little longer to produce than anticipated. There was a serious battle at the lows so even if a short setup comes into play from here, I am not looking to get short. It is 2:14 and it looks like price will be breaking resistance for the rest of the day. Im done for the day because of this.
Attachments
I have a resting order right now to get short. Price has broken resistance today a good bit, but the retest of the area from Thursday might signal just that, a retest. Price on it's own is showing strong sell bars under support on my mid and high TF. My TTF is in a downtrend so I am looking to enter on this pullback for a short to the other side of the channel. I might be slightly early as my TTF and entry time frames don't translate exact on the chart. It might take 2 tries to get this one right. TTF and entry both gave me a setup so we will see.
Short - 11:36 - Stop placed and entry looks good. Time to manage. Price is dropping fast. Usually a good sign when an entry is timed right. Stop hit. I noticed on the entry TF that when it got back to my entry area it really popped against me.
Lesson - I should have acted sooner when the second red bar in the circle had a tail against me. It would have been a BE trade.
Short 12:48 - There was another setup at a more significant retrace to support turned resistance. This is a break out play short. The mid time frame showed strong short price action. Target LOD and stop was tight.
Short - 11:36 - Stop placed and entry looks good. Time to manage. Price is dropping fast. Usually a good sign when an entry is timed right. Stop hit. I noticed on the entry TF that when it got back to my entry area it really popped against me.
Lesson - I should have acted sooner when the second red bar in the circle had a tail against me. It would have been a BE trade.
Short 12:48 - There was another setup at a more significant retrace to support turned resistance. This is a break out play short. The mid time frame showed strong short price action. Target LOD and stop was tight.
WRR
It looked like the run up to 11:10 was going to be a break out so I was looking for a long entry. Then the price action said otherwise up until now which is 12:15. I will still go either direction pending what price is telling me.
Short 12:30 - Target backside of prior channel - stop set 5 cents. Stopped. Might need a reentry pending price action
Short 12:41 - Re-entry - Stopped
It looked like the run up to 11:10 was going to be a break out so I was looking for a long entry. Then the price action said otherwise up until now which is 12:15. I will still go either direction pending what price is telling me.
Short 12:30 - Target backside of prior channel - stop set 5 cents. Stopped. Might need a reentry pending price action
Short 12:41 - Re-entry - Stopped