Today was one of those days where it really paid to keep the broader situation in mind. On the 60 and 15min we were setting up for a huge double-bottom (at least on the ES, presumably on NQ as well). I'm usually terrible at capturing those huge swings but it worked out today. The key is to build a position, something that until recently I've considered a bad habit since I could never do it correctly. The region where you took your shorts was quite choppy and I stayed out, just waiting for the rally to 950+ ES (1300+ NQ) or at least a retest of the morning highs. The major higher high at noon on your chart was the big warning signal and it looks like NQ had a really nice higher low/double bottom at 12:30. At this point I was averaging in with a stop placed below the previous lows, quite confident that we'd see a 3pm rally (I guess today a 2:30pm rally) to take us higher. The R:R was still acceptable since my target (1270-1300 on NQ) was so far away.
Price Action Journal V1.5
- Thread starter TraderKaizen
- Start date
Today was one of those days where it really paid to keep the broader situation in mind. On the 60 and 15min we were setting up for a huge double-bottom (at least on the ES, presumably on NQ as well). I'm usually terrible at capturing those huge swings but it worked out today. The key is to build a position, something that until recently I've considered a bad habit since I could never do it correctly. The region where you took your shorts was quite choppy and I stayed out, just waiting for the rally to 950+ ES (1300+ NQ) or at least a retest of the morning highs. The major higher high at noon on your chart was the big warning signal and it looks like NQ had a really nice higher low/double bottom at 12:30. At this point I was averaging in with a stop placed below the previous lows, quite confident that we'd see a 3pm rally (I guess today a 2:30pm rally) to take us higher. The R:R was still acceptable since my target (1270-1300 on NQ) was so far away.
7 trades - winning day
1st â loser â not really sure what I was doingâ¦.
2nd â winner
3rd â winner! Getting a little better at letting the winner run
4th - winner
5th â loser
6th â small loser
7th - winner
At 1 oâclock I had a limit order just a tick or so above the 13:05 barâ¦after the bar closed, I decided to close out my orderâ¦.of course I would have been filled with minimal heat on the following bar!
1st â loser â not really sure what I was doingâ¦.
2nd â winner
3rd â winner! Getting a little better at letting the winner run
4th - winner
5th â loser
6th â small loser
7th - winner
At 1 oâclock I had a limit order just a tick or so above the 13:05 barâ¦after the bar closed, I decided to close out my orderâ¦.of course I would have been filled with minimal heat on the following bar!
Awesome job BYF,
I had a full sim day today... man did I get destroyed! this is way harder than I thought. I way over traded, 24 trades for -$125. Most of it is my fault but TS did freeze a couple times and I got disconnected too.
Made all the rookie mistakes:
-calling reversals before confirmation
-chasing trades
-bring stop to BE+1 too soon
-trading against the trend
I got to have more discipline...
Hope the rest of you had a better day.
JW
I had a full sim day today... man did I get destroyed! this is way harder than I thought. I way over traded, 24 trades for -$125. Most of it is my fault but TS did freeze a couple times and I got disconnected too.
Made all the rookie mistakes:
-calling reversals before confirmation
-chasing trades
-bring stop to BE+1 too soon
-trading against the trend
I got to have more discipline...
Hope the rest of you had a better day.
JW
Look at the bright side...you may have over traded but at least your losses didn't get out of control. $-125...it could have been worse.
BYF
Yes, I like the 1,000 for entries. Are your using the 10,000 as your anchor?
I used a similar ratio(ES - 10,000 for entry & 100,000 anchor) while trading last Friday.