* PnL: 0
* Entered: 5420 @ 9:02 am
* Exited: 5420 @ 9:07 am
* Why did I enter?
- Strong upward move overnight, 5 MA crossing up through 20 MA on 5" RTH chart, price near 20 MA on 60" RTH chart
* Why did I exit?
- Price moved in my favor and I moved the stop to break-even as there was a lot of room to the downside for price to fall if it retraced the gap
* What could I improve?
- The best trade was lower when price was retesting the low of the previous RTH session, in the overnight FVG, and S1 support area. I missed that entry.
- I think exiting at breakeven at my less-than-ideal entry was an okay move to preserve capital.
Trade 2 - MCL
* PnL: $26
* Entered: 78.38 @ 9:09 am AND 78.28 @ 9:32 am
* Exited: 78.50 @ 9:49 am AND 78.42 @ 9:57 am
* Why did I enter?
- Price was near the Pivot Point, 60" ETH 20 MA, and yesterday's RTH opening price
- Took a 2nd entry shortly after price had shown good volume at the lows and the move seemed to be reversing
* Why did I exit?
- Took one contract off when price was nearing the top of a potential intraday downward trend channel, near the 5" 20 MA, and coming up to the daily VWAP
- Took the second contract off when price seemed to be moving down from the above-mentioned resistance
* What could I improve?
- Need to see how I can better organize charts to monitor multiple instruments. I have multiple monitors, but they are generally dedicated to multiple views of one instrument. I can change tabs to view other instruments. Trading with TopstepX while using NinjaTrader for my charting is challenging. I really want to trade with just NinjaTrader, but I wanted the cheap TopstepX combine price. Eventually, I will switch to just having NinjaTrader for both charting and trading.
- Wait a little longer for the entry until price retested the overnight swing low at that area and price would be closer to a longer-term upward trend line
- Hold the trade longer. I have become a little more anxious about this because multiple times over the last week I have been patiently holding for a higher target only to have price come back to at or below my entry so I have to wait longer. Usually, price goes to where I was thinking, but I could have increased my profits by taking profit when coming up to a notable point of resistance and then re-entering again at a lower price. This is something I will be thinking about because I do believe my profits would have been significantly higher had I taken profits sooner and then re-entered when the opportunity presented itself on a pullback.
Trade 3 - MES
* PnL: 0
This was a 2nd attempt to catch an upward move in MES. I exited at break-even again when it pulled back. Again, it was a less-than-ideal entry so I think exiting at break-even made sense.
Trade 4 - MES
* PnL: $55
* Entered: 5425.50 @ 9:30 am AND 5419.00 @ 9:45 am
* Exited: 5428.25 @ 10:12 am AND 5427.25 @ 10:48 am
* Notes
- This was a 3rd attempt to catch an upward move in MES. Price moved against me and I took a second entry to get a better price average as I was pretty confident this would bounce back up to at least break-even. I was managing the MCL trade at the same time. I was biased to the upside in MES and MNQ, but price was mostly going sideways.
* What could I improve?
- Managing multiple trades at the same time in a better fashion. I was missing the good entries on MES and being late led me to be more nervous about the trade and then utilizing DCA (dollar cost averaging) to better my price average. I utilize DCA when I feel I am in a good support / resistance area. This works most of the time. However, I am still working on cutting losers before they become a significant loss.
Trade 5 - MNQ
* PnL: $53.50
* Entered: 19,620.50 @ 10:04 am
* Exited: 19,647.25 @ 11:09 am
* Why did I enter?
- Price moved upward fairly quickly from the opening price and support of overnight price action, overall structure of the moving averages and price action …