Nothing worked again today. Tried to learn not to move my stop, but all trades were stopped out either for initial losses or b/e. Last trade was the late day breakout trade I was waiting for whole day. Last trade could have also brought back today to a positive day. But I ended up getting almost nothing instead of a +40Pts gain. I also overtraded since I was trying to take many signals.
The past few weeks I have been very conservative. Especially I have been very cautious on trading range and not to take any breakout trades when the day acting as a trading range. I did protect myself from taking false B.O trades but I also saw so many runs leaving without me. So today I tried to be a bit aggressive.
7:21 long. Breakout Pullback. it was a mistake that I bought at top of a spiky wedge reversal pattern. It was wrong that I didnât tight my stop
7:46 long. Breakout Pullback.+ High 2 long. Stopped out.
8:46 long again, Though Bull move is relatively strong, the Breakout Pullback would work this time, Market has been in a range(with YTD) for more than 4 hours. Stopped out again.
8:50. renter, H2 long. The great thing about this trade is I actually bought 2 tick above the bear bar. Only risk 6 ticks. I have seen so many times that large opposite direction bars that trapped traders out. Besides trading range, better buy below bars. It worked out nice. Trade quickly turned a 22Pts profit. I didnât take profit and thought this time it would break out, I was planning on to hold most of the day if it broke out. Again the mistake was not to tighten stop â¦b/e
11:09. short. Market tried to break to the upside more than 3 times and failed. The momentum dries out. There was a prior bear spike. So I took a L2 short and a Break down Pullback set up to downside. I didnât move my stop this time. But I was stopped out.
I reentered at 11:46 after being stopped out. It was a D/T bear flag and another Break down Pullback setup. This time market sold off⦠I had my target at test of LOD, it was also a Measured Move target. But when I see the bar turned to very climatic. I thought I wanted to catch more free fall this time. So I took my target order outâ¦. And I also didnât touch my stop, since I realize that we are near the last half hour of trading. I didnât want to be whipped out! 60 min chart, looks like we are forming a D/B pullback, so we got a big room to run. But after price tested LOD by 2 ticks. A large bull bar 100 % reversed the bear climax bar. I still held. I thought it could be part of the retrace, There will be EMA shorts and some retrace after bull bar, I will see how price react at EMA and make decision. Until 12:47, it doesnât seem right to hold anymore. I was out at only +10 Pts instead of 40Ptsâ¦. Sadâ¦
PnL: $154, 6 trades, 33% winrate
Although taking loss and overtrading sucks, but todayâs chart, aftermarket analysis and trade could be a great lesson for me to learn. I am currently working on the self-taught assignment that to compile and analyze 500 charts on paper. I have all the notes and set up marked on all the charts. Both from Alâs book and YM charts. Todayâs chart will the the No.170 to document!
The past few weeks I have been very conservative. Especially I have been very cautious on trading range and not to take any breakout trades when the day acting as a trading range. I did protect myself from taking false B.O trades but I also saw so many runs leaving without me. So today I tried to be a bit aggressive.
7:21 long. Breakout Pullback. it was a mistake that I bought at top of a spiky wedge reversal pattern. It was wrong that I didnât tight my stop
7:46 long. Breakout Pullback.+ High 2 long. Stopped out.
8:46 long again, Though Bull move is relatively strong, the Breakout Pullback would work this time, Market has been in a range(with YTD) for more than 4 hours. Stopped out again.
8:50. renter, H2 long. The great thing about this trade is I actually bought 2 tick above the bear bar. Only risk 6 ticks. I have seen so many times that large opposite direction bars that trapped traders out. Besides trading range, better buy below bars. It worked out nice. Trade quickly turned a 22Pts profit. I didnât take profit and thought this time it would break out, I was planning on to hold most of the day if it broke out. Again the mistake was not to tighten stop â¦b/e
11:09. short. Market tried to break to the upside more than 3 times and failed. The momentum dries out. There was a prior bear spike. So I took a L2 short and a Break down Pullback set up to downside. I didnât move my stop this time. But I was stopped out.
I reentered at 11:46 after being stopped out. It was a D/T bear flag and another Break down Pullback setup. This time market sold off⦠I had my target at test of LOD, it was also a Measured Move target. But when I see the bar turned to very climatic. I thought I wanted to catch more free fall this time. So I took my target order outâ¦. And I also didnât touch my stop, since I realize that we are near the last half hour of trading. I didnât want to be whipped out! 60 min chart, looks like we are forming a D/B pullback, so we got a big room to run. But after price tested LOD by 2 ticks. A large bull bar 100 % reversed the bear climax bar. I still held. I thought it could be part of the retrace, There will be EMA shorts and some retrace after bull bar, I will see how price react at EMA and make decision. Until 12:47, it doesnât seem right to hold anymore. I was out at only +10 Pts instead of 40Ptsâ¦. Sadâ¦
PnL: $154, 6 trades, 33% winrate
Although taking loss and overtrading sucks, but todayâs chart, aftermarket analysis and trade could be a great lesson for me to learn. I am currently working on the self-taught assignment that to compile and analyze 500 charts on paper. I have all the notes and set up marked on all the charts. Both from Alâs book and YM charts. Todayâs chart will the the No.170 to document!
As long as you continue to protect yourself you'll be fine.