Started the Trades

-260

I got destroyed today. It was choppy with lots of overlap. I'll be have to go back to the paper for a while. Perhaps I still don't have enough screen time. I can't tell if it's going to be a pullback or be another trend bar.

A lot of big losers.
Bought 116.80 09:37
Sold 116.51 09:46
A big gap up today in the morning. It didn't do much for a while as it didn't really try to go down. So since there was a gap, I put in an entry for long. It hit and I thought this was going to go up more based on the morning gap. I didn't get out and it reversed fast on my stop for a loss.
Sold Short 115.56 09:54
Bought Cover 116.0964 09:56
Thought perhaps it would want to back down to test yesterday's close. I was looking solely at the one minute chart when I entered. However, I didn't keep track of the time. It looked good on the one minute but on the 5 min chart, it counted my entry as the low of the bar. Yikes. I gave it a chance and it didn't go down and reversed.
I keep having this issue of being too focused on the 1 min chart.
Bought 116.55 10:36
Sold 116.25 10:53
I couldn't sit through all the pullbacks. I doubled my position thinking it's on its way up. I couldn't stomach one of those numerous pullbacks. There were so many I got out.
Bought 116.85 14:01
Sold 116.40 14.25
The worst trade of the day. I miss read the 1 tick on the 1 min chart. I thought the previous bar high was 116.80 not 116.81 which made my entry a bad one. What got me was with all the pullbacks and I thought it was on a channel up. I didn't use a stop for this one because I thought all along that it would go back up. Terrible since it looked like a head and shoulders pattern later on. There is so much to set forth habit wise and to work on that is tough. I may remember one thing but forget another. This one pretty much sunk me.

Scalps
Bought 116.1058 Bought 116.41 Sold Short 116.14
Sold 116.15 Sold 116.43 Bought Cover 116.10
Bought 116.56 Bought 116.57
Sold 116.94 Sold 116.61
Bought 116.785
Sold 116.80
 
After looking at the 60 min chart, I can see why it went down on the first trade. Otherwise, I wondered why? What gives? It hit the upper trend line of the prior couple days. Really tough, I can only have so many charts to trade off of on my lap top. 1 min, 5 min, 15 min, 3 month. I can't fit anymore. I suppose a change from 3 month to 60 min is ok. I posted a 1 min chart version as the 5 min version is down at this time. There's too many things to watch out for that it just becomes too difficult.
 

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+213

It was a last grasp attempt and I honestly had to leave this morning so no trading for me. I set an entry buy at the end of the day yesterday and an exit today before I left today. I could've gotten all my losses back and then some but I played it safe. After much debate, I originally wanted to exit at 117.20 or 117.30 but my exit was at the top of yesterday's range to be safe. The move was extremely fast and powerful in the morning. This was my first positive results from holding overnight which I don't like to make a habit of. I actually started looking at the 60 min chart which was something Instinct mentioned and it showed a possible reversal pattern.

Bought 115.94
Sold 117.01
 
Quote from clightmarathon:

Your entries are perfect. Just the wrong side.
More...

I dunno but does my explanation of my losses make sense to you? I just like to hear from other price action traders and see if they can agree on the explanation of my mistakes.
 
You have two moving averages on your chart. Do you use them?

I am not an "xpurt" but it seems your entries are always too late, and gives the impression that you don't have a statistically proven edge, and just entering when you see an obvious directional move. May be I am wrong, but that is my impression. And when it is obvious it is usually too late.

I mark up your chart later to show my (hindsight) thinking.
 
Quote from clightmarathon:

You have two moving averages on your chart. Do you use them?

I am not an "xpurt" but it seems your entries are always too late, and gives the impression that you don't have a statistically proven edge, and just entering when you see an obvious directional move. May be I am wrong, but that is my impression. And when it is obvious it is usually too late.

I mark up your chart later to show my (hindsight) thinking.
More...

A lot of these trades, I try to get the second measured move. I usually go in when it breaks resistance or support. If there is something I'm doing wrong, let me know. It's hard to judge, some moves go without it being close to the EMA. Some need a pullback to the EMA before a move. This is what makes it tough. Perhaps, I need to finish reading the rest of Brook's books. Haven't gotten to Trading Ranges yet and those are the ones that usually get me.
 
Quote from sfbayarea:

A lot of these trades, I try to get the second measured move. I usually go in when it breaks resistance or support. If there is something I'm doing wrong, let me know. It's hard to judge, some moves go without it being close to the EMA. Some need a pullback to the EMA before a move. This is what makes it tough. Perhaps, I need to finish reading the rest of Brook's books. Haven't gotten to Trading Ranges yet and those are the ones that usually get me.
More...

It is not doing wrong or doing right. You have to repeat what works (i.e. puts money into your account) and stop doing what does not work. It is easy to say, I know, and I have my mistakes too daily.

If you go in when breaks support or resistance, and you are almost always stopped out, than may be you misjudge the S&R, or the breakout. I am not a breakout trader, but sometimes I trade it, but even then I wait a bit of pullback to the S&R and then enter. Also, I have a feeling that if you trade breakouts (all of them) you will have many small losses (since breakouts fail usually), and few big wins. But in your case you have only small wins (except the lucky one overnight yesterday) since you have problem letting the winners run. So may be your strategy, trading breakouts, is not for your psychological makeup at this point.

Yes, sometimes it comes back to the ema, sometimes it does not. You wan't to be consistent at this point and so I would suggest picking one type of entry and practice that.
just my 2 cents.
 
Hi,

Your trades are always +7 +13 +12 +7 -160 +23 +12 -270 ect.

1. Risk the SAME amount on each trade . you have 20K or so right. your risk tolerance is low so risk 20 bucks a trade, hell risk 2 bucks a trade.

Aim for 30-50 target on every trade if your risking 20. Or 3-5 bucks if your risking $2

If you go for to0 little of an amount of range .03 cents, Commision alone will make you a loser.

as your equity grows or falls, adjust risk accordingly.

I risk .05% per trade and you should too. Making 2-5x that isn't that hard if you just get to know one pattern like the back of your hand and trade only that patter when it shows up.

We've all been in your shoes but there is a point when you need to buckle down and CONTROL YOUR RISK.

Good patterns are Hammers, Double bottoms, double tops, Head and shoulders, Triangles,

Trade the patterns at the high or low of the day or previous session highs and lows.

Thats all i got.

"everyone gets exactly what they ask of the market"
 
Look at this equity Curve.


The yellow bars are the profit or loss per trade.

Notice the equity percentage risked of each trade remains at 5% or less.

The reward can be larger than amount risked and you can have runners if you wish.

As account grows so does the dollar amount risked but it always remains 5% of account equity.

Look at the power of risk control on this small account.

now on a small account 5% may be acceptable. in your case risk .05%

Risk is most important, you still do need to hone in on a pattern or find a reason for each trade . Keep it consistent .
 

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