OK, here's my trades through 11:30 AM CST today. My first trade was a loss, I got in on the failed bottom. It was looking shaky and I had a chance to take a 6 tick profit, but I hesitated and the market jumped, so I just covered. Didn't take a full stop loss, so a 6 tick loss was not bad. This was a bad trade and I knew right off. Never take a trade this late in the move near the LOD. Just not a good trade.
I didn't trade the move up because I didn't see what I felt was a good entry opportunity until we were getting too close to the strong resistance area, so I decided to sit on my hands until we reached the previous high of the day where the strong resistance was located. Notice that it did not make a DT, and prices didn't turn right on the line. However, the resistance area still turned the move back down. Don't always expect perfection at these areas, but look for weakness when moving up to resistance or strength should prices be heading down towards support.
Normally I wait for a 3 bar entry, but we had a surge in volume at that major support, so I took a two bar entry with the idea I would just scalp a trade and exit on any turn back up. This was more of a gut instinct scalp, and fortunately, it worked. Looking back, I shoud have waited, because we did go higher. The main reason I took the trade was the strong resistance which I knew was there, along with the bearish looking bars with wicks.
This is where the trading got good though. Notice the failed break out, then the ever so slightly lower low. That's where you wait on the pull back and if it makes a Lower High, you jump on and ride it down. I actually missed that trade, even though I was anticipating it. It just took off too fast and I didn't want to chase it.
I waited on the next pull back though, and when it made the little DT right on the TL, I got short. Again, I did not wait on the 3 bar entry like usual. I'm trying to learn to get in early with tighter stops! I took my 6 tick scalp and let the runner go for another 13 ticks, then covered on the pull back. That was actually a perfect trade because I literally got the entire move almost.
I'm getting better every day and as you gain experience and what I think is confidence, it get's easier. You have to get the confidence to take the trade and accept that you will take small losses. If you take the high probability set ups only, your winners should take care of the small losses. I've done well today and I still made errors, so I can get even better with more experience and discipline.
Hope this chart helps. I'm no expert either, but these are all tips I have picked up from good profitable traders along the way. Note that the red arrows point to red arrows which are my entries and blue arrows pointing to green arrows are my exits.
There is another entry setting up as we speak, so I may take another trade here. Most likely, prices will work back down to the support line I have marked near the low of the day and try and go lower, so that's where something may happen again. If I'm in a trade and we are getting close to one of these areas, I usually exit, or at least get prepared to make a quick exit on any bounce.
Watch these key areas of sup/res, as it's where things happen, and I find them simply by looking at my 2400 tick chart.
