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Started using 10 point targets. Trade hit took a impulse bullish bar break out above 9 ema
traded right into the +200 resistance zone but still fit my simple rules
Today's price action gave plenty of opportunity, the 1-minute chart I am always on guard for over-trading, so I stopped after 2 trades and +17.5 points.
So far after 15 trades by biggest weakness is taking quick profits, I justify that by just number of opportunities the 1-minute chart offers.
I have made the default target 10 points moving forward.
All trades have been green so far so it's much too early to have any conclusions about long-term validity of my ability to read 1-minute price action.
Over the course of these 30 sessions I fully expect to at minimum execute 75 trades which will give me a realistic look at process i.e. stop placement, targets and entries.
I am done trading for the day; here is the 9 ema data since starting my 30-session journey, 1 mnq contract only account balance is live money starting balance:$2,000 USD
Got a late start this morning due to some traveling, so traded the afternoon session.
Something I noticed about using by 100-point extensions from the open, it shows the losses and gains if you simply bought the open. This provides real context to what I want to know about where price is and likelihood of continuation or reversals.
Today Trade Report June 29
A green trading day with two scalps. I am much more comfortable trading the morning session than the afternoon session.
The months biggest positive is certainly being +107 points green over the first 19 trades. Obviously much to small of a sample size to get any true data just nice to be up 107 points over the first 19 trades than down 107 points. So a positive for confidence as a scalper of the 1-minute chart.
Biggest takeaways of month 1:
1) The nasdaq is a fast market and moves further than i thought.
2) Stops and Targets are mandatory for me, constant discipline reinforcement.
3) I need to focus my energy on trading the a.m session
4) a 3 trade maximum really helps me study the 1 minute chart
5) I am still learning how to take shorts and logically as I take longs.
6) Reminding myself that this is a data business; place trades to journal trades and learn about edge, making money is secondary.
