Back after having to take about 10 days off due to travel with business outside of the country. I wanted to do some reviews but time didn't allow for it. Today I was hesitant to pull the trigger and let my runners run which would have been a great day if I did. I think rust from taking almost 10 days off is a factor to this. Where I am at in my learning curve it is going to take a couple of reviews before I'm back to where I was before I had to travel. I did well by only taking trades in the direction of the trend. My fear was that I would be caught in a big pullback by going long. I expected a pullback but one never happened. That is why I have to leave on runners when the market is in a trend b/c I could have made 20+ points only trading 2 contracts.
When bars are small and look choppy but are going in one direction then that is a very strong trend. It fools everyone b/c they see the small and choppy bars but they are steadily going in one direction and is a very strong trend. I need to draw the support and resistance bars, especially on a trend day to help show me where price is bouncing off of.
Every time price pulls back to the trend line you want to look for your signal bar. They are high probability setups that rarely fail. You are looking for a trend bar in your direction. You have to trust the pattern and setups and go with them.
Trade 1: 2nd entry long from the EMA and a 2 legged pullback to the EMA. Took the 2nd trade out at 1.50 points b/c it was close to the upper trend line. LOL. If I hadn't then it would have been a runner for 17+ points. That is the debate I have to do more of. To either take the profit at the top of the channel or to hold it in case of instances like this b/c it usually seems price comes back to take out my BE stop most of the time. But I guess that the one time it doesn't I would have made 17 points on one contract.
Trade 2: 2nd entry long off of the EMA. I didn't like the setup bar as it had almost 6 overlappoing bars previously so I got out with 1 tick profit. Looks like I should have stayed in.
Trade 3: 2nd entry long off of bottom trend line. Might be a first entry depending on if my feed gave me a false 1st entry near the top of the trend line.
Trade 4: This is either a 2nd entry long if the 1st entry is a false signal off of the top of the trend line. Either way it is a double bottom with a great signal bar entry off of the bottom trend line. Looks like now price might be in a mini-range during the lunch hours.
Missed Trades:
1. 2nd entry long off of the bottom trend line. In my mind I thought price was setting it up for a failed 2nd entry long which is why I didn't take it. My charts did not show a good signal bar but price was coming off of the bottom of the trend channel in an uptrend so I should have taken it. The next bar was a short trap.
No comments:
Post a Comment