Ended up +3.75 points on the day. Even though my losing trade faked me out I should have gotten out at around a -1.25 loss once I saw it did a long trap and reversed lower. I also didn't take a trade at the end of the day which I called when trading that would have been another 3+ points at the minimum! Even in Sim my emotions go crazy and I talked myself out of the trade even though the trade setup beautifully and met the price action requirements to take the short. I think in a year from now if I come back and replay today then I would get 11+ points easy only trading 2 contracts.
Always watch for trading range areas b/c when price breaks through a range it usually goes the same distance as the previous range.
Trade 1: 2nd pullback off of EMA and it looked like price had overshot the trendline. I expected price to go up and provide at least a one point scalp.
Trade 2: I thought price was creating a new flatter trend since I didn't expect the initial trend to hold b/c it was too vertical. Price made a 2nd pullback long. I expected price to test the previous highs or to go higher for the new trendline I anticipated. Once I saw the long-trap happen I should have put my stop one tick under the swing low. I shouldn't have taken the trade b/c I should have waited for the pivot to develop to see if price was really in a new channel and should have been looking for a short rather than a long.
Trade 3: 2nd pullback short to a channel where price was actually in a trading range. I'm happy with how I exited but now I've learned about the trading range and how to calculate a move when price breaks out of a range. I left 2 points on the table since I was going by a 2-legged measured move and not the trading range breakout measured move. Overall I am very pleased with this trade from where I am in my trading knowledge.
Trade 4: If I had looked to the left of the chart I would have seen that price was getting close to the lows of the day which would have confirmed this trade even more. I perceived that price was due to at least go back up to the EMA for at least a scalp and possibly could go as high to the top of the trendline. I figured that price had overshot the trendline and was due for a pullback. I entered on a 2nd pullback long and exited my second contract around the top of the trendline. This is another trade I am very pleased with in how I entered and exited the trade. Not just b/c I maximized the profit but b/c I had a plan and stuck with it for my exit.
Missed Trades
1. At 3:49 in the morning I missed a 2nd entry pullback long coming off of a double bottom after a run down where price could at least rebound and test the EMA. More than likely I would not have been up at this time to trade but it is something I would have taken if I had been up trading then.
2. At 9:46 I totally missed this trade and only put it there b/c Mack identified it and it fit a trade I would have taken. It was a 2nd entry long off of the trendline and off of the lows of a trading range. I was still wondering about the losing trade I had just taken so I was not ready to identify this trade like I should have.
3. At 1:04 I missed a trade. This is the trade I talked myself out of, even in Sim. I was reasoning that it would have been Friday afternoon and if I was live I would lock up my profit and call it a day. Not wanting to risk a losing day I didn't take the trade. This was a 2nd entry short off of the top of the trendline. I even called it when going through sim.
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