neveral0ne's ES - CL - 6E Journal

Picture attached.

Day started of slow I woke up late into the breakout we had @ 12PM... i was looking to gain more than just a few ticks profit. got in at 82.78 target was at least 82.99 ..but since I know the day is usually slow during 12-2pm.. the price moves "weak " during those 2 hours.. its that Time thing Saliva/Schizo was talking about I think where we cant expect huge moves when the time is not right...
after that I kept jumping into positions trying to make a " setup" when there was none.. was getting chopped for small losses until 1.52PM when I had a first close below the 20Period EMA .. I had an order waiting 1 tick below the low of that candle to short 2 contracts. stop @ 82.81 just above the last high ...after i saw the break of the doji and volume increased, i moved my stop immediately to break even...from then on i setup 2 profit targets.. but I just went with the flow with what the current price action and momentum tells me ...

NOt sure what else I could have done better on the last trade...but now that I look at it I prolly shouldnt have traded all day til 2PM... since there were no setups except the inverted head and shoulders and the pullback before liftoff @ 11.50ish.

any feeedback welcome.
 

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N0,

Being able to sit patiently on our hands is an extremely vital skill to have


Another skill that took me forever to learn was identifying when price transitioned from a trend to a range...., and then changing my methodology/ expectations accordingly…



Aside;

I don’t advocate using a bunch of trend lines – especially if they’re heading off into 900 different directions – chart becomes too cluttered, and gives too many mixed signals


But I also don’t shy away from using enough lines to create context

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That said – take your blue trend line and copy it – then place that duplicate at the 82.65-ish level

What you now have is a range between the two blue lines (it starts at ~ 12:40 pm and runs to ~ 13:50 pm) You traded the breakout of this range (to the down side) really well to btw



But as to trading the actual range.....

A few of your shorts are at the bottom of this range

A few longs are at the top

And possibly if you had identified this range – it would have prompted to be more patient …

Or at the very least had you shorting when you went long..., going long when you shorted – and set your profit targets / expectations accordingly

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Another way of possibly identifying this range would be to acknowledge price is bouncing between the 82.80 (blue line) and the ema - but that may have required a little more refined eye to pick up on…. (which btw I am not saying you don’t possess)

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Please realize this whole analysis has the full benefit of 20/20 vision – so take it as such…

What I’m really trying to provide are things to look for/ think about going forward


Trade Well Tomorrow….

RN
 
RN,

Thanks alot for your input.

Yes I agree completely 100% on what you said. I should have been more patient, and Identified that we are now in a "range' .. I noticed that in my last trade, we were break down out of that range, and i saw a red candle close below the ema as well as the volume started to increase meaning more shorts started to show interest to push this thing down.

the short i had @ 13:35 I was thinkign thats the breakdown thats gona go down... but we never closed below the EMA and price kept wobbling up and down.

looking forward to tomorrow.
 
Morning N0

Yesterday you slept in – now get yer butt up and get the ole grey matter working

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Before every flight pilots have a preflight check they step through to ensure the craft is flight worthy/ ready to fly….. I also imagine it helps ensure their head is in the game and ready to take on the task at hand….


Nothing says a trader can’t have something similar to step through before the open


Always a good idea to verify the nut behind the keyboard is tight and ready to trade….




Another check we’ll repeat throughout the day – trending or ranging…. trending or ranging...

Then of course we adjust our methodology/ approach/ expectations accordingly



Take it as it comes Sir – win, lose, or draw

Good Trading
RN
 
Good Morning RN,

How do you know "Without Hindsight" that the market (or the specific instrument such as CL or ES) has shifted from a trend to range, or visa versa? I can always tell AFTER THE FACT. However, in the midst of the market's movement, I simply cannot tell if this is going to be a trend day or a choppy/range day.

Any advise?

thanks,

Walter
 
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