Quote from sheepsucker:
Imo unfortunately there is some way to go still before arriving in the trading heaven.
Should be taking clearly defined setups(which have a confirmed and proven edge) and exiting them as planned, day in and day out. Stop tweaking and thinking about money on the table.
So the first step would be to make clear rules for entries and exits. Will not catch everything, but something consistent is enough.
This is the sharpest tip so far, but as this is the weakness for the OP it's lost on him.
Nodoji's tips are next best but limited as he is on the learning curve (and on the right side of the learning curve).
If I had come in on this at the start I would have asked the OP to define his entry in order to ascertain the extent of the problem to be corrected. However we are way beyond that and a bunch of errors have become evident.
Error 1. Asking for help while showing a clipped chart. This shows you don't realize the importance of looking left.
Error 2. Reading Lev2 Vol. You are not able to read vol signals on the chart so trying to tape read is way beyond you. You are kidding yourself - quit tape reading until you develop vol skills and then learn to tape read if you must, but it's not necessary.
Error 3. Not reading PA signals for entry or exit. This compounds error 1 because if you did look left you would not be able to read the market talk. (You have been given a few basic signals by helpful posters)
Error 4. From what you post, write and question I have to assume you are not using multiple time frames. That is worse than not looking left. You need to know what the bigger players are thinking and what the smaller players are doing. One is getting prepared while the smaller time frame is pulling the trigger.
I probably won't have time to invest more than this one post, so here goes.
1. After a Gap the first candle will give you a huge amount of information for the rest of the day. Just a little info: The high is major resistance but the close can give you a catchment box. The tail of this candle is telling you they are going to try to reverse the market long.
2. You MA's support the positioning of a trend line down forming the base of the wedge, but without the MA's this base has 3 points of contact.
3. Look at the PA in this wedge and its conclusion. You have 7 candles down without a higher close and then the break of the wedge with the 1st higher close.
4. The move down in the wedge has no volume interest. The green break is on higher volume. Now note the open is also higher so we have a higher open and close on increased volume with a break out reacting on a PP.
5. The next signal is a Morning Star confirmed by PA moving higher.
6. Next PA consolidates into the gap candle support. This is where the Gappers closed the 1st 5 mins. It forms a perfect base.
7. Your MA's die offering a neutral environment. Selling volume fades. A market can run now.
8. What happened to the PA on the 1 & 2 min charts here? Remember what we are looking for: Falling wedge is expecting a up move. Positive break out brings in aggressive traders. Then Morning Star brings in more traders. PA consolidates with a flat base and fading selling. So what do you see on the 1 & 2 min?
9. Now you have had several buy signals, no sell signals and your stop is under the low at the PP.
10. If you missed the break out and the Rising Star the consolidation was next best. The 1 & 2 min gave a big Engulfing that triggered the 1,2,3 signal traders.
11. Now the bigger time fames signaled longs so more traders piled in and there's no surprises when there is a lack of supply in a gap area so it's a fast move.
12. The move up is a no brainer. There is no sell signals until the R1. Then it's a gift with the lower open and close
You don't need to scale in or out. You don't need to tape read. You need to focus on PA for now and write out every signal you are going to use into your trading plan.
