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July 1 Price Action
I did not trade today as my sleep still has been a bit off.
1) tighter range and bears won the day shorting paid today which is still the weakest part of my trading for sure.
2) The 1 minute chart is feeling slower though which I am relieved, i think the amount of opportunity helps slow my mind down.
3) Nasdaq spen the day drifting lower but plenty of trades on both the long and short side
You're way too early with your long entries and fighting a strong downtrend. Wait for a clear trend change before going long and only buy after a pullback / consolidation (price already moved quit some points when you entered). Till then it's only short (on pullbacks). Adding a second EMA will help you visualize trend and momentum. I use an EMA(10) and EMA(20). I like your style, it's very similar to how I scalp. This method has potential, as you already showed, but I think you'll have to add/change some little things. For example, wait till price goes above the EMA cloud and then closes below the EMA(10) to go short with the trend (see A on the chart). Anyway, keep going.
Yes I am starting this with just the one indicator until 30 sessions complete, the one thing about my countertrend entry was it went against me right away those trades I can live with even though the loss suck, that's just part of collecting trading data. Really appreciate the insight
Today I took a full stop out -63 points on a 1-minute chart that feels excessive, but I was entering based on the clean impulse bar break above the 9 ema, price just immediately reversed lower. Countertrend long in a down trend resulted in a quick full stop,
Half day today so finishing the day -52 points had a clean 10-point scalp but a true red day today. All part of the process.
I consider today a good day for following all my rules and keeping a level head and scalping another trade.
This week was a shortened week for me only traded 2 of the possible 4 days.
A red week which is completely fine.
My biggest critique of my trading is my size of winning trades is not strong, I do have a feel for market on a minute to minute basis but i may need to adjust my profit target though, to capture more of winning trades.
However, I am understanding price a bit better by just removing so much of the information that I used to make decisions. Long/Short/Flat are really the only options in trading.
